Ahead of the crucial vote on its company voluntary arrangement (CVA) tomorrow, struggling department store House of Fraser has said it will focus on the “best selection” of contemporary brands, exclusivity and an agile response to trends as it battles to keep with consumers.
Creditors, including landlords, are due to vote on HoF’s plans to close 31 of its 59 stores tomorrow. The closures, which include its Oxford Street flagship, will affect 6,000 members of staff.
The retailer did not give any information on the future of its own brands, which include Linea, Biba, Issa, Label Lab and Criminal Denim.
The department store also said it would invest in trend-spotting and product innovation capabilities, alongside its recently launched globally responsive supply chain.
David Walker-Smith, chief product and trading officer, said: “Since joining House of Fraser, I have worked with the team to review our current product offering and what became crystal clear is our customers love brands. Customers now want more from their shopping experience as a business, we need to make sure we are exceeding expectations.”
Chief executive Alex Williamson admitted House of Fraser’s own-brand sales ranges fell short of sales expectations during the Christmas trading period. The retailer axed four house brands, including womenswear range Therapy, in 2016.