House of Fraser is to get a new owner after calling in administrators Friday. A fast deal to buy a slimmed-down version of the chain had been on the cards with news Friday that retail tycoon Mike Ashley is now in charge.
With HoF rumoured to be close to collapse, it has emerged that the retailer is in emergency talks on a funding deal with several parties and Sports Direct tycoon Mike Ashley is a key figure in the negotiations.
The legal action being brought by House of Fraser landlords is set to delay the struggling retailer’s CVA and means that the £70 million cash injection that the firm is getting from its new owner could be delayed too.
Struggling Debenhams faces a fresh challenge with credit insurers tightening up the terms for its suppliers, suggesting a lack of confidence in its turnaround. But the company has denied it’s facing a cash crunch.
The long-running story around the decline of what once were some of the most important brands in UK womenswear looks like it's reaching its end with administrators having failed to find a buyer for Calvetron Brands.