High-end department store chain House of Fraser is shutting 59 of its 31 shops across the UK and Ireland, putting 6,000 jobs at risk. Its owner, China's Sanpower, has agreed a rescue plan that will see only the most modern stores and those in large shopping malls remain open. It is also requesting a 25% rent cut on 10 of its shops. HoF is the latest high-street retailer to buckle under the rise of online shopping and comes the same day that budget chain Poundworld revealed it is appointing administrators, putting 5,000 jobs on the line.
High-end department store chain House of Fraser is shutting 31 of its 59 shops across the UK and Ireland, putting 6,000 jobs at risk. Its owner, China's Sanpower, has agreed a rescue plan that will see only the most modern stores and those in large shopping malls remain open. It is also requesting a 25% rent cut on 10 of its shops. HoF is the latest high-street retailer to buckle under the rise of online shopping and comes the same day that budget chain Poundworld revealed it is appointing administrators, putting 5,000 jobs on the line.