House of Fraser, the embattled department store group, has hired KPMG to explore whether it needs to enter a form of bankruptcy in order to put its stretched finances on a stronger footing.
The company last night confirmed a story, first reported by Sky News, that it had hired KPMG to advise on restructuring options but played down the suggestion that one option was to seek a company voluntary agreement (CVA) as “speculative”.
A substantial number of House of Fraser’s 59 stores could be shut down, threatening hundreds of jobs, Sky reported.
House of Fraser has been talking to landlords since the start of the year in a bid to curb its rent bill, with Rothschild overseeing a refinancing of its £390m debt package according to the Telegraph.
