House of Fraser appoints administrators

  • Thousands of jobs are now at risk as House of Fraser announces its appointing administrators after negotiations with investors and creditors failed to reached a “solvent solution".  

    All of their 59 stores, including the 31 already set for closure, are continuing as usual today. 

    The company said their proposed administrator, Ernst & Young, plans to keep the business trading while they attempt to arrange a sale.

    It had previously been reported that Mike Ashley, the founder of Sports Direct, was close to agreeing a deal to buy the retail chain out of administration. 

    “Significant progress has been made towards completing a sale of the group’s business and assets,” House of Fraser said in a statement to investors.

    “The proposed administrators are expected to continue to progress those discussions with a view to concluding a transaction shortly after their appointment."

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