May 2, 2018 / 12:18 PM / a year ago

UK's House of Fraser to close stores, secures C.banner investment

LONDON, May 2 (Reuters) - Britain’s House of Fraser said it would close some of its stores as a condition of securing new funds from international retailer C.banner, which will become the majority owner of the department stores group with a 51 percent stake.

Existing shareholder Nanjing Cenbest, part of the Sanpower Group, will remain a minority shareholder, the retailer said on Wednesday.

House of Fraser said it would launch a Company Voluntary Agreement (CVA) next month to allow it to restructure its stores portfolio.

Reporting by Paul Sandle, editing by James Davey

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