China's C.banner pulls House of Fraser investment plan

China's C.banner pulls House of Fraser investment plan

China's C.banner pulls House of Fraser investment plan

ParcelHero's head of consumer research, David Jinks, says: "Clearly the latest credit agency warnings are bad news for House of Fraser, its investors, and those loyal shoppers who continue to visit its stores.

The department store chain is now said to be "exploring options to obtain the required investment on the same timetable".

Billionaire Philip Day is in the early stages of a potential bid for British retailer House of Fraser to save it from collapse, Sky News reported on Thursday citing sources.

"Discussions are ongoing and a further announcement will be made as and when appropriate".

EY drew up contingency plans for insolvency as a part of a restructuring deal with creditors agreed last month.

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House of Fraser's (HoF) promised £70m cash injection from Chinese conglomerate C.banner has fallen through, putting the brand in a precarious position after it was forced to enter a company voluntary arrangement (CVA).

He also has his own department store, called Days, which is based in the former BHS in Camarthen.

House of Fraser was already seeking to shut more than half its department stores in the United Kingdom and Ireland through a British insolvency procedure.

"It is to be hoped House of Fraser resolves its funding issues successfully; but even if it does manage to secure funding, through Mike Ashley or even a possible merger with Debenhams; it must still close the 31 stores it plans to axe and drag its web functionality into the 21st century". Sales in its main shoe retailing business have slumped in the face of online competition, and the plan to buy control of House of Fraser had wiped out three quarters of its stock-market value.

Nick Bubb, an independent retail analyst, said: "It's not obvious why businessmen like Mike Ashley will prop it up when they can get it for practically nothing if and when the business goes into administration".

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