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House of Fraser strikes deal with landlords

House of Fraser (HoF) has settled a legal dispute with landlords which had threatened the survival of the embattled department store chain.
The agreement means the company can close 31 of its 59 stores next January.
Landlords had threatened to scupper plans to close the stores after they complained about the company's plans to use a controversial Company Voluntary Arrangement (CVA) to slash rents.CVAs have been used by many distressed retailers to cut costs. The landlords had complained the plan imposed unfair pain on them.The settlement - the terms of which are confidential - removes a hurdle to the company's plans to find a financial backer after the Chinese owner of Hamleys decided it would not invest €70m in the chain.

[img]https://e3.365dm.com/18/06/512x512/skynews-house-of-fraser-shop-front_4330116.jpg" alt="Retail billionaire Day plots bid to save House of Fraser" class="sdc-article-strapline__image">
Retail billionaire Day plots bid to save House of Fraser
The high street billionaire who owns Jaeger is exploring a bid to save House of Fraser (HoF) as the department store chain teeters on the brink of collapse.

Sky News was first to reveal that the troubled retailer had turned to Mike Ashley, the Sports Direct founder, for an emergency €50m deal to save the chain and thousands of jobs.
The high street billionaire Philip Day, who owns Jaeger, is also exploring a bid to save the store.And Alteri Investors, which has invested in British retailers, has been approached about backing a rescue of HoF.A spokesperson for the Joint Supervisors of the House of Fraser CVAs said: "The Joint Supervisors can confirm that there has been a settlement to the legal challenge to the House of Fraser CVAs.
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"The joint supervisors will continue to monitor the progress of this investment process and will update creditors as appropriate."
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