House of Fraser and Mothercare announce restructuring plans
House of Fraser has announced restructuring proposals that would see it close 31 of its 59 UK stores, including its flagship London Oxford Street store. If the plan is approved, 2,000 House of Fraser jobs will be made redundant along with 4,000 brand and concession roles. The department store chain aims to cut rents by 25% for 10 of its remaining shops. The plan, which includes CVAs, will be voted on by creditors on 22 June. Earlier in the year, House of Fraser’s Chinese owners announced plans to sell a 51% stake in the company. With a deal with Wuji Wenhua eventually falling through, House of Fraser’s new majority shareholder was confirmed as Hamleys’ owner C Banner International Holdings in May. Earlier this week, Mothercare also announced restructuring plans, including CVAs and the closure of around 50 of its 137 stores by June 2019. This news puts another 800 jobs at risk.