Buzz People

House of Fraser store closure plan backed

Creditors have backed department store chain House of Fraser's plans to close more than half its stores.
High Street landlords were unhappy with the plan as they will have to shoulder the burden of financial losses, but they were outvoted.
The retailer will now go ahead and shut 31 of its 59 shops nationwide, and also impose huge rent cuts on 10 others that it intends to keep.
Up to 6,000 jobs are set to go as a result of the store closures.
The vote was seen as a make-or-break moment for the 169-year-old business. If the rescue plan had failed, administration was likely.
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