Case Study House of Fraser to close 31 stores
Case Study
House of Fraser to close 31 stores
House of Fraser started with a shop in the centre of Glasgow almost 170 years ago. It became
a retail empire with more than 100 department stores. The House of Fraser Group has annual
sales of £1.2bn. It employs about 5,000 people directly and also has 12,500 concession staff.
Department store chain House of Fraser is to close 31 of its 59 shops, affecting 6,000 jobs,
as part of a rescue deal. If the plan is approved, 2,000 House of Fraser jobs will go, along with
4,000 brand and concession roles.
The firm’s boss said the decision to close stores was “as tough as it gets”. Speaking to the
BBC, House of Fraser chief executive Alex Williamson described the move as “brutal”, adding
“we have not taken this decision lightly”. “I find it personally very emotional, and I am not
making this decision based on anything other than what I consider to be absolutely the best
option for House of Fraser and all of our stakeholders.”
Accountancy firm KPMG, which is overseeing the insolvency process, said the firm had been
hit by mounting pressures facing the UK High Street. In the last year, the increasingly tough
conditions on the High Street has exposed its weaknesses, with the result that its problems
have finally come to a head. Even with these store closures, House of Fraser still need to have
the right products and experience to pull shoppers into the stores that will be left.
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Link to Case Study
https://www.bbc.co.uk/news/business-44394948
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