House of Fraser able to proceed with store closures after legal row ends

House of Fraser has settled its legal row with landlords meaning it can proceed with plans to close 31 of its 59 stores.

Landlords had previously argued that slashing rents to support the department store’s rescue plan was unfair.

The department store said it was “focused on concluding discussions with interested investors”, after owner C.Banner pulled out last week. The company said that the agreement with landlords strengthened their chances of a successful takeover.

House of Fraser administrators KPMG said the agreement “allows the companies to continue its investment process without the CVAs being subject to the risk of further legal proceedings”.

Jaeger owner Phillip Day was touted by Sky News as a potential investor in the struggling retailer, with Mike Ashley who holds an 11% stake in House of Fraser said to have cooled his interest in a takeover bid.