House of Fraser property plans revealed

An announcement is expected to be made later this week concerning the closure of more House of Fraser stores.

“Greedy landlords” have been blamed for the impending closures which may result in the loss of hundreds of jobs as “time is running out”.

Landlords are reportedly hesitant to agree to the lower rents which Ashley has proposed. According to the BBC, the rents would be equal to 5% of a store’s turnover including service charge.

Ashley, who bought the department store from administration for £90m, recently said he planned to keep around 80% of the chain’s portfolio open. So far, the flagship store in Oxford Street has been saved as well as outlets in Telford, Carlisle and Plymouth.

A spokesman for House of Fraser said: “Some landlords are being very collaborative in order to give us a chance at turning the business around, giving House of Fraser a lifeline and saving hundreds of jobs.

“However, some greedy landlords would rather see the stores close than help save the jobs of hundreds of people. We will continue to try and convince these landlords but ultimately time is running out. Some closures will be announced.”