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. The company said it was "disappointed" by the government's decision to impose tariffs on Chinese imports from Europe.
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.