23 May 2024, 04:52
By Furniture News Aug 02, 2018

House of Fraser forced to seek alternative funding

International retailer C.banner International Holdings has stated that it no longer plans to invest in House of Fraser, calling the placing "impracticable and inadvisable", and forcing the department store chain to seek an alternative investor.

In May, House of Fraser revealed plans to restructure through CVAs alongside new capital from C.banner, which planned to buy a 51% stake in business from owner Nanjing Cenbest.

However, falling share prices, coupled with a legal challenge to the CVA from landlords, have since disrupted the plan, prompting the would-be investor to withdraw its offer.

House of Fraser says it is in discussions with alternative investors and is exploring options to obtain the required investment on the same timetable.

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