House of Fraser chain goes into administration


Sports Direct owner Mike Ashley swooped in to save the department store chain in a £90m deal after it went into administration on Friday.

The stores in Yorkshire that are set to close under the Company Voluntary Arrangement, which will require approval from creditors who will make their decision on June 22, are Grimsby, Doncaster, Hull and Skipton.

Opened in Liverpool 1856, Lewis's was a much loved department store and its flagship home store served as the location of the world's first Christmas grotto in 1879, entitled "Christmas Fairyland".

The pair are submitting proposals to rescue House of Fraser this week.

"But it is unclear how much of the business will survive", says the BBC, noting that it is a "worrying time" for the 169-year-old company's 17,500 staff.

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At one point, Russell told a controller he had played a lot of video games. "I really think they could have handled it better". Kaelin said Russell "was always great to work with - we got our flights out on time, if not early, most of the time".

When it initiated the rescue plan, House of Fraser had 59 stores in the United Kingdom, comparable to John Lewis and less than Debenhams but these two have been more successful in reinventing themselves and staying relevant in a very competitive marketplace.

The Mandate Trade Union is seeking an urgent meeting with the administrators of the House of Fraser group.

The beleaguered department store chain confirmed on Thursday that it must secure funding before August 20 as crunch talks with potential rescuers continue.

While plans are still not clear, the move could see the 59 stores being re-branded as Sports Direct, marking another major retailer loss from the high street.

The acquisition by Sports Direct could preserve more stores than House of Fraser was able to commit to.

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But I told the players we had good periods, lots of glimpses of the type of football we wanted to play. "A good match. I had my plans for many months and I find myself with the market closed in a situation I did not think I would be in.

HoF chief executive Alex Williamson said: "We are hopeful that the current negotiations will shortly be concluded".

"We're aware that stores were due to close under the CVA and that may still be the case, but Belfast has always been a very strong trading store for House of Fraser so the fundamentals here are still very strong".

It said it had put questions to House of Fraser earlier this week in relation to its future but has not yet received a response.

The rescue plan was derailed when Chinese group C.banner, owner of Hamleys toy shop, pulled out of a deal to buy a 51 per cent stake in House of Fraser and inject £70 million of crucial new capital.

What made it worse was the fact that a lot of stuff sold within the stores was not House of Fraser's; it was sold by more than 600 third-party concession workers.

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