House of Fraser could be aiming to close as many as to 29 of its 59 stores, as it gears up to launch its company voluntary arrangement (CVA) in an attempt to turn its struggling business around.

A large number of its iconic high street stores are said to be earmarked for closure, according to a report from The Daily Mail. The remaining stores will likely be located in modern, large shopping centres added the report. The speculation comes as the department store’s new Chinese majority owner, C.banner, is believed to be preparing to announce is CVA plans as part of HoF’s restructuring plan.

House of Fraser issued a statement earlier this week stating its CVA plans were “still on track” after previous media speculation indicated the department store group faced backlash from its landlords and lenders over its proposals.

"If we are to deliver a sustainable, long-term business supported by new liquidity then we need to make difficult decisions about our underperforming legacy stores," said Alex Williamson, CEO, at House of Fraser in the statement. "I am conscious that inaccurate speculation only feeds the ongoing uncertainty for my colleagues in the business and I reassure them we will share further news when we have it."