Philip Day enters the fray at House of FraserSubscription
Philip Day, the owner of Edinburgh Woollen Mill Group, has been named as one of the potential investors in talks about a rescue deal with House of Fraser.
Turnaround specialist Alteri Investors is reported to have held talks with House of Fraser after the department store’s £70m funding from Chinese firm C Banner has been ruled out.
C Banner calls off House of Fraser dealSubscription
Chinese retail group C Banner has called off its plans to invest £70m in House of Fraser, the department store chain has revealed.
Credit ratings agency Moody’s has said House of Fraser is in “limited default” of its loans and warned it may be difficult for the struggling department store to borrow money.
'Critical time' looms for House of Fraser Subscription
Suppliers have voiced fresh concerns for House of Fraser ahead of a “crunch time” next month when the department store will be faced with rent and rates bills at the same time it is building its inventory ahead of the key peak trading period.
Struggling department store House of Fraser is understood to be in talks with Sports Direct owner Mike Ashley over a £50m investment deal.
A bid to takeover one of House of Fraser’s stores in the City of London has been halted after the landlord opted to sit on the property due to market uncertainty.
Chinese investor C.Banner said it is delaying its £70m investment in House of Fraser until legal proceedings with a group of landlords of the department store’s Company Voluntary Arrangement are resolved.
Intu valuation falls by 6%Subscription
Shopping centre operator Intu said the current negative sentiment towards retail and retail property has hit its valuations, with a revaluation deficit of £650m, down 6% on the previous year.
Legal action against House of Fraser could stem the wave of company voluntary arrangements (CVAs) by high street retailers, property experts have told Drapers.