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Re: House of Fraser in trouble...
Quote:
Quote from Sky News:
The new owner of Homebase will unveil plans to close about a quarter of its stores next week, threatening more than 1,000 jobs.
Sky News has learnt that Hilco Capital, which struck a deal to buy the DIY chain for a nominal sum in May, is expected to outline proposals for a Company Voluntary Arrangement (CVA) that will pave the way for roughly 60 of Homebase's 249 outlets to be axed.
Sources said the CVA - a controversial insolvency mechanism which has been deployed by retailers including Carpetright, Mothercare and New Look this year - would be launched by Alvarez & Marsal, the professional services firm, early next week.
The closure plan will come amid further evidence of the deteriorating outlook for British high streets, with House of Fraser desperately battling to secure new funding to avert a collapse that would threaten 17,500 jobs.
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With all these chains going CVA it must be bad for the landlords.
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History is much like an endless waltz: The three beats of war, peace and revolution continue on forever.
However history will change with my coronation - Mariemaia Khushrenada
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