The retail crunch added House of Fraser to its growing list of victims yesterday when the company confirmed plans to close stores as part of a restructuring that will put hundreds of jobs at risk.
The department stores group said that Nanjing Cenbest, which owns 89% of the company, had signed a conditional deal to sell a 51%t stake to C.Banner International Holdings, the Chinese retailer that owns Hamleys, the world famous toy store.
The sale, under which C.Banner will provide up to £70m of new investment, is conditional on a restructuring of House of Fraser’s portfolio of 59 stores via a company voluntary arrangement..
A CVA must be approved by three quarters of creditors with a decision on whether to go ahead expected in early June, according to the Independent.
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