House of Fraser to Close More Than Half of All Stores

House of Fraser, a storied British department store, has announced plans to shutter nearly 31 of its 59 stores, according to the BBC.

Stores scheduled for closure include the iconic London Oxford Street flagship, Birmingham, London King William Street and more, which will stay open until early 2019.

On June 22, creditors will vote on the retailer’s proposed rescue plan, which includes company voluntary arrangements.

In May, Nanjing Cenbest, the China-based company that owns Fraser, achieved a conditional agreement to sell a 51 percent stake of the company to C.banner, the China-based company that owns Hamley’s. The sale is contingent on the restricting plan being approved.

House of Fraser was founded more than 170 years ago and became a retail giant with more than 100 department stores including luxury department store, Harrods.

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