UK’s House of Fraser to close 31 stores

LONDON: British department store group House of Fraser said on Thursday it has proposed closing 31 stores in a move likely to result in 6,000 job losses. The restructuring plan would leave the group with just 28 stores in the United Kingdom. House of Fraser said it had on Wednesday filed proposals for Company Voluntary Arrangements (CVA) in the UK courts to proceed with the restructuring. “These proposals are central to the significant restructuring of the business, without which House of Fraser does not have a viable future,” it said. — Reuters