House of Fraser to close more than HALF of its stores

31 of its 59 stores are to close.

House of Fraser has announced that it is set to close more than half of its stores, including its flagship store in London's Oxford Street. The retail store's only option is insolvency, which will be discussed between creditors on June 22.

Chairman of House of Fraser, Frank Slevin said in a statement: "The retail industry is undergoing fundamental change and House of Fraser urgently needs to adapt to this fast-changing landscape in order to give it a future and allow it to thrive.

"Our legacy store estate has created an unsustainable cost base, which without restructuring, presents an existential threat to the business.

"So whilst closing stores is a very difficult decision, especially given the length of relationship House of Fraser has with all its locations, there should be no doubt that it is absolutely necessary if we are to continue to trade and be competitive."

There has been no word on whether its Dundrum branch will shut down, however, if the closures go ahead 2,000 jobs are at risk, along with 4,000 consignments.