House of Fraser is to close stores, potentially putting hundreds of jobs at risk, as part of a formal restructuring deal under which the Chinese owner of Hamleys will take control of the ailing department store chain.
C.banner is buying a 51% stake in House of Fraser from its current owner Nanjing Cenbest, which will retain a minority stake.
The deal is subject to the retailer closing an unknown number of its 59 stores and renegotiating rents with landlords through a company voluntary arrangement, an insolvency process, which is expected to be launched in June.
House of Fraser said the restructuring would provide the business with an effective platform for future growth.
Read the full article at: https://www.theguardian.com/business/2018/may/02/house-of-fraser-to-close-stores-restructuring-deal-jobs-at-risk-chinese-firm-cbanner