May 20, 2018

UK high street braces for more store closures

The British high street is bracing for another body blow this week as some of the country's largest retailers prepare for more store closures while others look to exert extra pressure on landlords to reduce rents. House of Fraser could close up to 30 stores, about half of its UK estate, as part of a complex restructuring of both its ownership and its store portfolio. The department store is set to close a number of stores using a CVA, according to a person with direct knowledge of the situation said that the exact number of stores that would be shut had not been finalised. M&S said: "We have been clear about our plans to accelerate our store closure programme and the action we must take to build a business with sustainable, profitable growth." Last year, according to its accounts, it achieved a 29 per cent reduction on rent across 19 store locations.

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