House of Fraser rescue ‘is on track’

House of Fraser insisted last night that it was on track for a financial rescue and an injection of new cash. The department stores chain, however, did not directly challenge reports that a shake-up would mean the closure of its renowned store on Oxford Street in central London. Speculation that House of Fraser may be saved only by mass store closures was dismissed by the company as “inaccurate and unhelpful”. Reports at the weekend in the Sunday Times and the Observer suggested that it could close more than half of its 59 stores. The Sunday Times said its flagship store on London’s Oxford Street was likely to close if the company pushes through a controversial form of insolvency to restructure its property portfolio. The chain’s future was said to be “in the balance this weekend” as it tried to resolve a stand-off between its lenders and its Chinese owner. Click here for the full Times article (£) Click here for the full Sunday Times article (£) Click here for the full Observer article