House of Fraser avoids administration as creditors back rescue deal

Creditors have backed a make-or-break plan from House of Fraser to shut over half its stores and axe up to 6,000 jobs.

The department store chain will go ahead and close 31 of its 59 UK shops while imposing ‘huge rent cuts’ on 10 others.

The firm’s Oxford Street shop is among those closing their doors.

High Street landlords have expressed fears they will be forced to shoulder the financial burden of the restructure.

But they were outvoted in what was considered a ‘make or break moment’ for the company, according to the BBC, with administration likely if the rescue plan had failed.

House of Fraser’s store closures follow a raft of high street collapses in recent months.

The group behind womenswear brands Precis and Jacques Vert called in the administrators in May.

Before that, thousands of jobs went at toy giant Toys ‘R’ Us and tech retailer Maplin.

House of Fraser was founded 169 years ago.

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