Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

House of Fraser readying more store closures

House of Fraser may be set to announce a fresh round of store closures, after landlords reportedly refused to agree to owner Mike Ashley’s new leasing terms.

The Sunday Times reports that Sports Direct boss Ashley met with agents at CBRE last week to discuss which stores would face the axe.

Since Ashley bought HoF in a pre-pack administration deal on 10 August, stores are thought to have been operating on licences that allow them to close down with two months notice.

Ashley is also said to have offered landlords short term leasing deals tying rents to store performance, and has also offered to pay business rates on some large stores, but no rent.

Last week, the Manchester branch of HoF was announced as the latest in a series of closures, with stores in Cirencester, Shrewsbury, Hull, Swindon, Edinburgh and Exeter also understood to be closing.

Readers' comments (4)

  • Eric Musgrave

    It was easy to predict this is how the Ashley-HoF saga would play out. He will sell as much as possible of the stock he got for virtually nothing during pre-Christmas and January, then will exit the many hopeless HoF stores. He will retain a few good sites and few others he might persuade/force landlords into selling to him. So much for him "saving" House of Fraser. Quite clearly it couldn't be "saved" in its old format, but Ashley is doing a first-class asset-stripping job here. He is a clever bloke and no mistake.

    Unsuitable or offensive? Report this comment

  • darren hoggett

    Spot on analysis Eric!

    Unsuitable or offensive? Report this comment

  • Chichester is shutting as well,with there being some hint on the London City branch as well,although no reports yet,only reviews.

    Unsuitable or offensive? Report this comment

  • You've got to hand it to Ashley. He sees clothing retail for what it is and takes full advantage of the wholly inept way that it is run. He may not win many friends, but he has a sobering, unpretentious way of doing business and always makes sure that whatever way the cards fall, he will always be on the right side. He is a winner in a failing industry. A*

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.