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House of Fraser aims to cut store rents

From BBC - January 5, 2018

The House of Fraser department store chain has confirmed that it is seeking to reduce rents on some of its stores.

The retailer confirmed that it had written to some landlords asking for their "support".

The move, first reported by Sky News, suggests that it could be struggling after a tough Christmas for retailers.

House of Fraser, which is due to reveal its Christmas trading figures next week, closed stores in Leicester and Aylesbury, Buckinghamshire, last year.

Rival chain Debenhams issued a profit warning this week after reporting disappointing Christmas trading.

It said like-for-like sales in the UK fell 2.6% for the 17 weeks to 30 December amid a "volatile and competitive" market.

A House of Fraser spokesperson said: "We can confirm that we have contacted some of our landlords asking for their support as we drive forward with our transformation programme."

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