New terms have been reached with the store’s landlord, allowing trading to continue, with the Manchester city council playing an “instrumental” role in discussions.
The council leader, Sir Richard Leese, said: “Today’s announcement is fantastic news for the city, and I am proud that the council has been able to play a constructive role in saving a real Manchester icon and hundreds of jobs. I’d like to thank all involved for their positive engagement in this process.”
Mike Ashley bought House of Fraser out of administration in a last minute £90m buyout and has been in talks with landlords to keep 23 of the 59 outlets open.
He said: “This demonstrates that when landlords, local authorities and retailers work together the outcomes can be outstanding. When working together we can make a real difference to the high street.”
Ashley will be meeting with MPs from the Housing, Communities and Local Government Committee today (3 December) to ask for help in his bid to “save the struggling British high street”. He said: “Since we acquired House of Fraser, we’ve been working around the clock to save as many stores and jobs as possible. I believe politicians and landlords should be doing more to save our struggling high streets, so I intend to make the most of this opportunity to make a real difference.”