House of Fraser hails ‘seminal’ moment as CVAs approved
House of Fraser’s Company Voluntary Arrangement (CVA) proposals have been given the green light by its creditors, resulting in up to 6,000 job losses.
The retailer will now begin working with landlords and other stakeholders to implement the proposals, including the 31 stores identified for closure. The move will affect up to 2,000 House of Fraser staff and 4,000 across brands and concessions.
Frank Slevin, Chairman of House of Fraser, says: “The approval of the CVAs is a seminal moment in House of Fraser’s history. We must now continue with the implementation of our restructuring plan. This is also an important milestone in the transaction with C.banner and moves us toward the completion of the capital injection first announced in May.”
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Alex Williamson, CEO, House of Fraser, adds: “This was clearly a difficult decision to take but is, ultimately, the only one to secure our future. Our focus is on supporting all of our affected colleagues and we are exploring every opportunity available to them working alongside the Retail Trust and the wider retail community.”