- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Travel lodge development opportunity on London Oxford Street"
Collapse
-
Originally posted by vetran View Postso named because it will be full of pricks?
Leave a comment:
-
Travel lodge development opportunity on London Oxford Street
House of Fraser to close 31 stores
Perhaps they'll keep the Glasgow store, where it all started. Lovely building so it is.
Department store chain House of Fraser is to close 31 of its 59 shops, affecting 6,000 jobs, as part of a rescue deal.
If the plan is approved, 2,000 House of Fraser jobs will go, along with 4,000 brand and concession roles.
The stores scheduled for closure, which include its flagship London Oxford Street store, will stay open until early 2019, House of Fraser said.
The retailer needs the approval of 75% of its creditors to go ahead.
Creditors will vote on the insolvency plan, which involves company voluntary arrangements (CVAs), on 22 June.
Presentational grey line
The House of Fraser stores identified for closure:
Altrincham, Aylesbury, Birkenhead, Birmingham, Bournemouth, Camberley, Cardiff, Carlisle, Chichester, Cirencester, Cwmbran, Darlington, Doncaster, Edinburgh Frasers, Epsom, Grimsby, High Wycombe, Hull, Leamington Spa, Lincoln, London Oxford Street, London King William Street, Middlesbrough, Milton Keynes, Plymouth, Shrewsbury, Skipton, Swindon, Telford, Wolverhampton, Worcester.
Presentational grey line
'Existential threat'
House of Fraser chairman Frank Slevin said: "The retail industry is undergoing fundamental change and House of Fraser urgently needs to adapt to this fast-changing landscape in order to give it a future and allow it to thrive.
"Our legacy store estate has created an unsustainable cost base which, without restructuring, presents an existential threat to the business."
Closing stores was "a very difficult decision", he said, but "there should be no doubt that it is absolutely necessary if we are to continue to trade and be competitive".
Accountancy firm KPMG, which is overseeing the insolvency process, said the firm had been hit by "mounting pressures facing the UK High Street".
In addition to the store closures, the department store chain is seeking to cut rents by 25% on 10 of the stores it is keeping open.
Of the 31 stores it wants to shut, it is seeking a 70% rent reduction for seven months, after which the stores will close.
Retail empire
House of Fraser began with one shop in the centre of Glasgow almost 170 years ago.
It became a retail empire with more than 100 department stores, including iconic luxury store Harrods in 1959.
Owner Hugh Fraser also acquired Kendals in Manchester and Rackhams in Birmingham.
Hugh's son, also called Hugh, expanded the portfolio with a further 50 stores.
The Fraser dynasty came to an end in 1985, when Mohamed Al Fayed took it over.
The House of Fraser Group has annual sales of £1.2bn. It employs about 5,000 people directly and also has 12,500 concession staff.Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: