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House of Fraser to close stores

House of Fraser plans to close stores as new owners look to turn around the department store chain.
The retailer said China's C.banner, which also owns Hamleys, is taking a 51% stake, shifting control from another Chinese firm, Nanjing Cenbest.
House of Fraser intends to launch a company voluntary arrangement (CVA), under which it is likely to close some stores and renegotiate rents on others.
It did not say how many stores are earmarked for closure.
House of Fraser has 59 stores in the UK and Ireland, more than 6,000 employees and 11,500 concession staff.
Frank Slevin, the chairman, said: "There is a need to create a leaner business that better serves the rapidly changing behaviours of a customer base.
"House of Fraser's future will depend on creating the right portfolio of stores that are the right size and in the right location."
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