HOUSE of Fraser has shut many of its department stores in recent years as sales continue to take a hit.
The retail giant has been a familiar face on the high street for some time now but slowly its presence is diminishing.
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Is House of Fraser shutting down?
House of Fraser first announced in early August 2018 that 31 of its 59 stores would be closing in January 2019.
This would lead to 6,000 job losses — 2,000 House of Fraser staff and 4,000 across brands and concessions.
The department store chain had proposed a so-called Company Voluntary Agreement (CVA), which involved job losses under a massive restructuring plan.
But on August 10, 2018, it was revealed that billionaire businessman Mike Ashley of Sports Direct had bought the chain for £90million cash.
At at the time the deal saved the 59 stores and kept its 17,000 workers in a job, but since then many stores have closed.
Which House of Fraser stores are closing?
In November the department store chain closed its Westfield branch in Shepherd’s Bush, while its department store in High Wycombe shut for good in January.
It has also closed its Cardiff branch in the iconic Howells building.
The retailer has also temporarily closed its Norwich Store which it plans to reopen in the autumn following its refurbishment.
And it is also understood the Birmingham department store could also be at risk.
Elsewhere in the country stores also closed down in Leeds and Huddersfield.
A Frasers Group spokesperson said: “We are big believers in the British High Street. When we bought House of Fraser out of administration in 2019, we knew we would have to make some tough decisions to secure its long-term, sustainable future.
“Whilst a number of House of Fraser stores are closing, we are also investing heavily in many others across the UK and by the end of this year will have opened over 10 Frasers stores since acquiring the business.”
At the moment only 30 department stores remain, which is almost half the number of stores in 2018.
Why is House of Fraser shutting down?
The firm has taken similar measures to those of struggling firms New Look and Carpetright.
Department stores including Debenhams are suffering in the competition against online retailers.
The department store’s chairman, Frank Slevin, said there had been progress on a shake-up of the business but more needed to be done “to confront the seismic shifts in the retail industry”.
“House of Fraser’s future will depend on creating the right portfolio of stores that are the right size and in the right location.”
This post first appeared on thesun.co.uk
