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Wednesday, August 21, 2019

House of Fraser to close Nottingham store

PUBLISHED:

The House of Fraser store in Nottingham’s Victoria Centre is set to close in the New Year. 

A spokesman for intu said: ”We have been advised this morning that the four House of Fraser stores in our portfolio will be closing in early 2019, representing around 1% of our secured rent and 526,000 sq ft of retail space.

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“We have had numerous meetings with Sports Direct including at the highest level to try to agree on terms. While we cannot discuss the detail, we have been unable to reach an agreement.’

Since Sports Direct boss Mike Ashley bought House of Fraser in a pre-pack administration deal on 10th August, its stores are thought to have been operating on licences that allow them to close down with a few months’ notice.

Mr Ashley is also said to have offered landlords short-term leasing deals tying rents to store performance and has also offered to pay business rates on some large stores, but no rent.

A spokesman for Sports Direct said: ”We had various meetings with the landlord, Intu Properties, and adopted a flexible approach. Despite our best efforts, we have been unable to agree on reasonable terms for these stores to continue trading.

”Sadly, we are now in consultation with staff about the fact these stores face closure. We hope other institutional landlords will continue to work with us in order to save stores and jobs.”

Ashley added: “We had multiple meetings with Intu, but we were no further forward after 14 weeks. Unfortunately, these stores now face closing in the new year. I urge other institutional landlords to be more proactive to help save the HoF stores in their schemes.”

 

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