Store closure fears loom as House of Fraser appoints advisors
House of Fraser has appointed KPMG to advise the company on a restructuring plan, raising speculation that a number of stores may be about to close.
The consultancy specialists are expected to look at all of the department store’s options including a Company Voluntary Agreement.
The appointment is understood to have been made within the last few days, and may put House of Fraser’s 59 stores under the threat of closure.
The department store employs 6,000 people and 11,500 concession staff.
The company has not yet made a decision on what route it will take but a spokesperson told the BBC it was “working closely with [KPMG] to look at options that best support our transformation programme”.
After reporting poor sales figures over the festive period, House of Fraser appointed bank firm Rothschild to advise on refinancing its debt and at the beginning of April, it received a £15m cash injection from its owner Sanpower in a bid to avoid administration.
