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.
Fashion Collective, a new company, had proposed plans to turn HoF’s King William Street store into a hotspot for emerging design talent and designer labels, but the bid has been turned down by the site’s landlord, reports CityAM.
The store is one of 31 House of Fraser locations set to close as part of the department store’s Company Voluntary Arrangement (CVA) deal.
King William St Ltd, which is controlled by Saudi parent company Rajhi Invest, has turned away Fashion Collective as a prospective tenant due to uncertainty in the market.
Last week the embattled department store chain faced a further setback, as the commencement of legal action against its CVA proposals from landlords delayed a £70m cash injection from Chinese investor C.Banner.