The House of Fraser department stores in High Wycombe and Aylesbury have been identified for closure as part of a rescue deal to save the wider company.
On Thursday 7th June 2018 the department store chain announced that it would be closing thirty of its fifty nine stores in the United Kingdom and Ireland as part of a plan to rescue the group from financial problems.
Among the stores identified for closure are the House of Fraser stores in the Eden Centre, High Wycombe and the branch in the Friars Square Shopping Centre in Aylesbury. Also identified for closure by the retail group is their flagship store in Oxford Street, London.
The stores set to close are likely stay open until early in 2019.
The Chinese owners of House of Fraser reached a conditional agreement to sell a 51% stake in the department store chain to the Chinese owner of Hamley’s toy shops in May 2018. However the sale is conditional on the restructuring plan being approved.
For the closures to go ahead 75% of the companies creditors must vote to approve the insolvency plan at a special meeting to be held on Friday 22nd June 2018.
The rescue deal is part of an insolvency plan involving a Company Voluntary Arrangement (CVA). A CVA allows a company with debt problems to restructure its debt with creditors and also includes the ability to close stores and/or renegotiating rents with landlords.
Should the plan be approved a total of 6,000 jobs will be lost nationally, this being 2,000 House of Fraser jobs and 4,000 positions in brand and concession positions.
The stores earmarked for closure are :
- Edinburgh Frasers
- High Wycombe
- Leamington Spa
- London Oxford Street
- London King William Street
- Milton Keynes
UPDATE : On the 23rd September 2018 it was announced that the House of Fraser stores in High Wycombe and Aylesbury are to remain open. Further details can be found at the following link : House of Fraser stores in High Wycombe and Aylesbury saved from closure.