House of Fraser is appointing administrators, putting more than 17,000 jobs at risk, after attempts to agree a rescue deal failed.
The department store chain said talks with its investors and creditors had not concluded in a solvent solution. The administration is due to be arranged at a court hearing early on Friday morning.
The company said its proposed administrator, Ernst & Young, planned to keep the business trading while it attempts to arrange a sale. The chains 59 stores are due to open on Friday, including 31 scheduled for closure as part of an earlier restructuring plan.
House of Fraser traces its origins back to 1849, when Hugh Fraser and James Arthur opened a drapery shop on the corner of Argyle Street and Buchanan St…
Read the full article at: https://www.theguardian.com/business/2018/aug/10/house-of-fraser-calls-in-administrators-as-rescue-talks-fail