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Documents filed at the Hong Kong stock exchange by C.Banner reveal that House of Fraser Group slumped from a £1.5m pre-tax profit in 2016 to a £43.9m loss last year. The retailer, which has 59 department stores, is struggling under the cost of its property portfolio. In a bid to save the business, Sanpower is selling a majority stake in the business while pursuing store closures.
The figure includes start-up costs for the launch of stores in Nanjing and Xuzhou, and fees paid to the UK business for use of the House of Fraser name overseas. Separate annual accounts for House of Fraser’s UK business are expected to be released soon.
Despite the poor financial showing, C.Banner said House of Fraser would become “more stable” when it completed its restructuring plan, the details of which will be released in June.