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Closures loom at struggling House of Fraser

Closures loom at struggling House of Fraser

Business
The struggling department store chain House of Fraser (HoF) has drafted in advisers to examine options for accelerating its restructuring, raising the prospect of further shop closures at a dire time for the British high street.Sky News has learnt that KPMG has been asked by the Chinese-owned company to explore the possibility of a formal process called a Company Voluntary Arrangement (CVA), months after it informally asked store landlords to agree to big rent cuts.The news of KPMG's appointment, which is understood to have been signed off in recent days, will fuel expectations that a substantial number of HoF's 59 outlets across the UK are facing the axe.Sources close to the company said it was not certain that HoF and its shareholders would pursue a CVA but conceded that one was a possib...