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10/08/2018
House Of Fraser Appoints Administrators As Takeover Deal Falls Through
Administrators have been appointed to high end retailer House of Fraser, after a takeover deal with Chinese Firm, C.banner, fell through.
News that administrators Ernst & Young have now been appointed follows a decision earlier this year to close 31 of House of Fraser's 59 UK stores. The Belfast store, a keystone retailer at Victoria Square, was spared in the cull and was purported to remain in operation under new management.
All stores will open as usual this morning, while Ernst & Young continues to try and secure a buyer for the company.
House of Fraser employs more than 17,000 people across the UK. Those jobs are at risk, should a buyer for the retailer not be found.
(MH/CM)
News that administrators Ernst & Young have now been appointed follows a decision earlier this year to close 31 of House of Fraser's 59 UK stores. The Belfast store, a keystone retailer at Victoria Square, was spared in the cull and was purported to remain in operation under new management.
All stores will open as usual this morning, while Ernst & Young continues to try and secure a buyer for the company.
House of Fraser employs more than 17,000 people across the UK. Those jobs are at risk, should a buyer for the retailer not be found.
(MH/CM)
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Sports Direct, owned by Mike Ashley, has acquired 59 of the House of Fraser stores in the UK for £90 million. The deal was announced just after the chain went into administration after talks with creditors fell through.
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