Chinese buy stake
House of Fraser in change of ownership
House of Fraser: Edinburgh building up for sale
Department store chain House of Fraser is being sold by its Chinese owner amid growing uncertainty on Britain’s high streets.
Sanpower-owned group Nanjing Xinjiekou Department Store is offloading a majority 51% stake to Chinese tourism group Wuji Wenhua.
Nanjing will retain a 38% shareholding in House of Fraser if the deal goes ahead.
House of Fraser revealed a soft start to trading this year though the group said it was “business as usual” after its “change of ownership.
However, the chain reported a 2.9% fall in sales in the six weeks before Christmas and demanded rent cuts on some of its stores to ease is cost base.
The building occupied by the company at the west end of Princes St, Edinburgh, is up for sale with no guarantee that House of Fraser will continue to trade from the premises.