House of Fraser is calling in administrators putting more than 17,000 jobs across the UK in jeopardy. Administrators EY have been called into the department store chain with House of Fraser issuing a statement saying that talks with investors and creditors had “not concluded in a solvent solution”.
EY have confirmed that the business would continue trading, including all stores and offices, while they attempt to complete a sale.
All 59 shops are set to open as usual. However, the firm’s website is offline.
House of Fraser has said parts of the department store could still be rescued, most likely through a pre-pack administration process, where a new buyer cherry picks the best assets.
The company said “significant progress has been made” in reaching a sale of the group’s business and assets.
In a statement, Frank Slevin, chairman of House of Fraser, said: “This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan.
“Despite the very recent termination of the transaction between Cenbest and C.Banner, I am confident House of Fraser is close to securing its future.”
House of Fraser employs 17,500 people, including 11,500 concession staff.