Four more House of Fraser stores set to close
An additional four House of Fraser stores are set to close after its new owner Sports Direct failed to agree reduced rent deals with the shops’ landlords.
The stores earmarked for closure include the department store’s shops in Nottingham, Norwich, the Metrocentre in Newcastle and the Lakeside shopping centre in Thurrock. All four of the properties where the stores are situated are owned by Intu.
Sports Direct chief executive Mike Ashley said: “We had multiple meetings with Intu, but we were no further forward after 14 weeks. Unfortunately, these stores now face closure in the new year.”
Having bought House of Fraser out of administration for £90 million in August, Sports Direct has been trying to agree new rent terms with landlords.
Ashley added: “I urge other institutional landlords to be more proactive to help save the House of Fraser in their schemes.”
Intu is currently the subject of a potential sale to a group of investors.
