June 22, 2018 / 1:20 PM / 3 months ago

Creditors of UK retailer House of Fraser back survival plan - Sky News

LONDON, June 22 (Reuters) - Creditors of House of Fraser approved the struggling British department store group’s survival plan at a meeting on Friday, Sky News reported.

Earlier this month, the Chinese-owned retailer said it would seek creditor approval for a Company Voluntary Arrangement (CVA) that would see 31 of its 59 stores close early next year and the potential loss of 6,000 jobs.

At Friday’s meeting of creditors approval was given for the plan, Sky News said.

A spokeswoman for House of Fraser said a statement was imminent. (Reporting by James Davey; editing by Stephen Addison)

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