House of Fraser chairman exitsSubscription
House of Fraser chairman Frank Slevin has left the business, Drapers understands.
Moody’s to withdraw House of Fraser ratingSubscription
Credit ratings agency Moody’s has downgraded House of Fraser by three notches and will withdraw all of its ratings to reflect the “high expected losses” for financial creditors as a result of its pre-pack sale to Sports Direct last week.
House of Fraser struck a £1m “sweetheart” deal with landlords to drop their legal challenge to its company voluntary arrangement (CVA) days before it went into administration, Drapers can reveal.
House of Fraser’s new owner Mike Ashley said he will try to keep 80% of the department store chain’s 59 stores open and will add successful “cool brands of the moment”.
HoF administrator halts supplier paymentsSubscription
House of Fraser suppliers and concessionaires are urging Sports Direct to “do the right thing”, as they count their “substantial” losses for payments due before the department store chain went into administration last week.
Brands pull stock from House of FraserSubscription
Several concession holders have removed stock from House of Fraser following the retailer’s fall into administration last week.
Sports Direct has appointed property agency CBRE to start talks with House of Fraser landlords over the coming days.
Pension fears for House of Fraser Subscription
House of Fraser pension members could suffer a substantial cut to their benefits following the retailer’s fall into administration last week.
House of Fraser suppliers: ‘Enough is enough’ Subscription
Several House of Fraser suppliers have hit out at the retailer’s pre-pack administration and subsequent sale to Sports Direct, fearing that they will once again be left to pick up the bill.
As Sports Direct buys House of Fraser out of administration, Drapers looks back over the 169-year history of the business and tracks the downward spiral from jewel of the high street to a business in distress.