Company News 

Seven days: 4 May 2018

Seven days: 4 May 2018

Retail relief

It's been no secret that department stores have been struggling in the face of increased online competition, rising property overheads and weak consumer sentiment in recent months. After delivering disappointing Christmas sales, House of Fraser may have found some much-needed fresh capital after Chinese retailer C. banner International agreed to take a 51 per cent stake in the group. The Hong Kong-listed retailer will acquire existing shares from majority shareholder Nanjing Xinjiekou and subscribe to new House of Fraser Group equity. The group will undertake a conditional voluntary arrangement as part of the deal, which will likely result in the closure of some of its 59 UK stores.

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