House of Fraser goes into administration as website goes OFFLINE – MORE store closures | City & Business | Finance

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The retailer said “significant progress has been made” in reaching a sale of the group’s business and assets. 

EY is expected to be appointed as administrators today and will likely continue discussions in the hope of reaching a deal “shortly after their appointment”. 

House of Fraser chief executive Alex Williamson said: “We are hopeful that the current negotiations will shortly be concluded.

“An acquisition of the 169-year-old retail business will see House of Fraser regain stability, certainty and financial strength.

“In the two weeks since the Cenbest and C.Banner transaction ceased, the directors have brought forward a number of potential buyers and the group’s financial advisors have run a comprehensive M&A process to identify and then develop other third party interest that has culminated in the senior secured creditors leading negotiations with parties at a critical pace.”

This is a breaking story. More to follow. 

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