- Prachi Singh |
House of Fraser’s flagship store on Oxford Street, London has been saved from closure, reports The Guardian.
The report quoted James Keany from CBRE, the real estate services and investment firm which is advising Sports Direct on House of Fraser’s property-related matters, saying: "This deal only happened because all parties realised it was better to keep the store open and fully operational. It was a real case of landlord and tenant genuinely working together and at great speed. Everyone was sensible about the terms of the transaction."
Before the company went into administration, House of Fraser had announced that its company voluntary arrangement (CVA) proposals filed on June 6, 2018 will see closure of 31 of its 59 department stores, including its Oxford Street flagship resulting in about 6,000 job losses.
However, immediately after the company filed for administration, the Sports Direct founder, Mike Ashley acquired the iconic department store chain with a 90 million pounds rescue deal. After acquiring the company, according to Sky News, Ashley had announced that he would do his best "to keep as many stores open as possible" - adding it was his ambition "to transform House of Fraser into the Harrods of the high street".