One last Christmas for 31 House of Fraser stores
House of Fraser want to trade more than half of its stores at a greatly reduced rent for one final Christmas trading period while ScS faces losing almost half of its House of Fraser concessions.
The department store chain wants to close 31 of its 59 stores in seven months time and cut the rent on them by 70%. The proposed CVA would also see rent cut by a quarter on 10 of its remaining branches.
Creditors will vote on the CVA on 22 June, but the chain says it will not survive if it is rejected: 75% of creditors by value must support the proposal.
Under the CVA, ScS would see 11 of its 27 concessions close. Last year they generated sales of £27.4m and an undisclosed profit.
The 31 stores employ about 2,000 House of Fraser staff and 4,000 concession employees.
The branches will ScS concessions on the closure list are: Birmingham, Cardiff, Darlington, Epsom, Hull, Leamington Spa, London Oxford Street, Middlesbrough, Plymouth, Swindon and Wolverhampton.
The other stores are: Altrincham, Aylesbury, Birkenhead, Bournemouth, Camberley, Carlisle, Chichester, Cirencester, Cwmbran, Doncaster, Edinburgh (Frasers), Grimsby, High Wycombe, Lincoln, London King William Street, Milton Keynes, Shrewsbury, Skipton, Telford and Worcester.