House of Fraser to close 31 stores after creditors approve CVA

House of Fraser has announced that the company voluntary arrangement (CVA) proposals filed on June 6, 2018 have been approved by the companies’ creditors after the Friday’s meeting. The plan will see closure of 31 of its 59 department stores, including its Oxford Street flagship in London resulting in about 6,000 job losses. However, the only other alternative left for the business was to plunge into administration.