House of Fraser in Hull and Grimsby to shut with 31 stores across UK to close
House of Fraser, Ferensway, left and Victoria Street, Grimsby, right.
By Hull Daily Mail | Posted: 7 Jun 2018
The House Of Fraser stores in both Hull and Grimsby are set to close after the company announced plans to shut more than half of all its UK shops .
In total, House of Fraser is aiming to cut around 6,000 jobs across the UK.
The retailer has announced its intention to shut 31 of its 59 stores across the UK and Ireland after recently being taken over by the Chinese retailer behind Hamleys, C.banner, which claimed a 51 per cent stake in the company.
House Of Fraser says the proposals are central to the “significant restructuring of the business”, without which the retailer “does not have a viable future”.
The proposing of the CVAs follows the announcement made on May 2 of C.banner’s conditional agreement to acquire a 51 per cent stake in House of Fraser Group and intention to introduce significant new capital.
It is expected the stores earmarked for closure, including Hull's Ferensway and Grimsby’s Victoria Street shop, will remain open until early 2019.
The closure was confirmed in a statement on the House of Fraser website. It said: "Currently, House of Fraser operates 59 leased stores across the UK and Ireland and its property portfolio is unsustainable in its current form.
"Following a comprehensive review of the group’s entire property portfolio, the directors of the companies have identified 31 stores for closure which will reduce the total store estate to 28 stores."
Commenting on the CVA proposals, Frank Slevin, chairman of House Of Fraser 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. So whilst closing stores is a very difficult decision, especially given the length of relationship House Of Fraser has with all its locations, there should be no doubt that it is absolutely necessary if we are to continue to trade and be competitive.”
House of Fraser stores which are closing
- High Wycombe
- London, – City London
- Oxford Street
- Milton Keynes
World's leading electric vehicle manufacturer commits to Hull's 200m energy park plan