{"id":144903,"date":"2018-06-22T13:28:55","date_gmt":"2018-06-22T13:28:55","guid":{"rendered":"http:\/\/freeonlinetranslators.net\/news\/english\/house-of-fraser-rescue-plan-approved\/"},"modified":"2018-06-22T13:28:55","modified_gmt":"2018-06-22T13:28:55","slug":"house-of-fraser-rescue-plan-approved","status":"publish","type":"post","link":"https:\/\/freeonlinetranslators.net\/news\/english\/house-of-fraser-rescue-plan-approved\/","title":{"rendered":"House of Fraser rescue plan approved"},"content":{"rendered":"<figure>                                  <img decoding=\"async\" alt=\"House of Fraser store\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/D0B2\/production\/_102162435_ggjfitmt.jpg\"\/>Image copyright                  PA                                                    <\/figure>\n<p class=\"caps\">Creditors have backed department store chain House of Fraser&#039;s plans to close more than half its stores. <\/p>\n<p>High Street landlords were unhappy with the plan as they will have to shoulder the burden of financial losses, but they were outvoted.<\/p>\n<p>The retailer will now go ahead and shut 31 of its 59 shops nationwide and impose huge rent cuts on 10 others that it intends to keep.<\/p>\n<p>Up to 6,000 jobs are at risk as a result of the store closures. <\/p>\n<p>The vote was seen as a make-or-break moment for the 169-year-old business. If the rescue plan had failed, administration was likely.<\/p>\n<ul>\n<li>Why is House of Fraser failing?<\/li>\n<li>Why we no longer love department stores<\/li>\n<\/ul>\n<p>House of Fraser is using company voluntary arrangements (CVAs), a form of insolvency proceedings, to overhaul its business.<\/p>\n<p>CVAs are being increasingly used by struggling retailers as a way to close stores, but House of Fraser&#039;s has been the most contentious restructuring deal to date.<\/p>\n<h2>&#039;Difficult decision&#039;<\/h2>\n<p>In all, 2,000 House of Fraser jobs are set to go, along with 4,000 brand and concession roles.<\/p>\n<p>The stores scheduled for closure, which include its flagship London Oxford Street store, will stay open until early 2019, House of Fraser has said.<\/p>\n<p>In May, House of Fraser&#039;s Chinese owners, Nanjing Cenbest, reached a conditional agreement to sell a 51% stake to the Chinese owner of Hamley&#039;s, C.banner. The sale was conditional on the restructuring plan being approved.<\/p>\n<p>&quot;Following the restructuring, House of Fraser will have a more sustainable cost base and a platform for future growth to deliver an improved customer proposition,&quot; the company said in a statement.<\/p>\n<p>Chief executive Alex Williamson said: &quot;The CVA proposals have been approved by our creditors and we are grateful for their ongoing support and belief in the future of House of Fraser. <\/p>\n<p>&quot;This was clearly a difficult decision to take but is, ultimately, the only one to secure our future.<\/p>\n<p>&quot;Our focus is on supporting all of our affected colleagues and we are exploring every opportunity available to them, working alongside the Retail Trust and the wider retail community.&quot;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright PA Creditors have backed department store chain House of Fraser&#039;s plans to close more than half its stores. High Street landlords were unhappy with the plan as they<\/p>\n","protected":false},"author":1,"featured_media":144904,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-144903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english"],"_links":{"self":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/144903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/comments?post=144903"}],"version-history":[{"count":0,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/posts\/144903\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media\/144904"}],"wp:attachment":[{"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/media?parent=144903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/categories?post=144903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/freeonlinetranslators.net\/news\/wp-json\/wp\/v2\/tags?post=144903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}