SUNDAY, 24 MAR 2019

 

CONNECT

Facebook Linked In Twitter
PwC_Twitter_21/03-28/03_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Perdios: Sports Tourism Should be an Integral part of Cyprus’ Tourist Product

Cyprus and Portugal to Enhance Cooperation in Maritime Transport

IMH LTD
PwC_Twitter_21/03-28/03_468x60px

INTERNATIONAL

brought to you by CIPA

House of Fraser Calls in Administrators

House of Fraser Calls in Administrators

House of Fraser is appointing administrators after giving up the fight to save the business, putting thousands of jobs at risk.

In a statement, the department store chain said that talks with investors and creditors had "not concluded in a solvent solution".

However, all 59 shops are set to open as usual on Friday 10 August, including 31 that have already been marked for closure.

House of Fraser employs 17,500 people, including 11,500 concession staff.

The retailer's website was down on Friday, with a message that it would be "back up and running as soon as possible".

House of Fraser said administrators Ernst & Young had confirmed that the business would continue trading, including all stores and offices, while they attempted to complete a sale.

Its fate was sealed earlier this month, when Chinese firm C.banner pulled out of a rescue deal.

The firm said: "Significant progress has been made towards completing a sale of the group's business and assets.

"The proposed administrators are expected to continue to progress those discussions with a view to concluding a transaction shortly after their appointment."

Administration: a formal procedure that happens when a company becomes insolvent - that is, its debts are bigger than its assets. The unfortunate firm is put under the management of insolvency practitioners. Once an administration order is granted, all legal action against the insolvent company is frozen for a period of about eight weeks. During that time, the administrator can draw up a plan of action and propose it to creditors during a creditors' meeting. The administrator takes control of all assets and business operations. Its aim is to act in the best interest of the firm's creditors, in order to repay as much as possible.

 

Update: House of Fraser Bought By Sports Direct for £90m

 

Chief executive Alex Williamson said: "We are hopeful that the current negotiations will shortly be concluded. An acquisition of the 169-year-old retail business will see House of Fraser regain stability, certainty and financial strength.

"In the two weeks since the Cenbest and C.banner transaction ceased, the directors have brought forward a number of potential buyers and the group's financial advisers have run a comprehensive M&A process to identify and then develop other third-party interest that has culminated in the senior secured creditors leading negotiations with parties at a critical pace."

Chairman Frank Slevin said: "This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan.

"Despite the very recent termination of the transaction between Cenbest and C.banner, I am confident House of Fraser is close to securing its future."

MORE ON INTERNATIONAL

EY: Media and Entertainment Companies Must Focus on Older Generations

Media and entertainment companies must adopt a multigeneration strategy and challenge ...

Annual Growth in Labour Costs at 2.3% in Euro Area

Hourly labour costs rose by 2.3% in the euro area (EA19) and by 2.8% in the EU28 in the ...

A Third of EU Trade is with the United States and China

In 2018, the United States (€674 billion, or 17.1% of total extra-EU trade in goods, ...

FROM AROUND GOLDNEWS

   

Monaco International Luxury Property Expo 2019

The Monaco International Luxury Property Expo 2019, the world’s central B2C exhibition for upscale international real estate, will be held 15-16 May 2019 ...
   

PwC’s 4th Twitter Tax Cast to Provide Information on Cyprus’ Tax System

Business executives and the general public will have the opportunity to receive important information and also submit questions live on Twitter to PwC experts, ...
   

Fitch Upgrades Hellenic Bank to 'B+' and Affirms Bank of Cyprus at 'B-'

Fitch Ratings has upgraded Hellenic Bank Public Company Limited`s (HB) Long-Term Issuer Default Rating (IDR) to `B+` from `B` and Viability Rating (VR) to `b+` ...
   

Cyprus and Portugal to Enhance Cooperation in Maritime Transport

Cyprus and Portugal have underlined their wish to further enhance their cooperation in the sector of maritime transport during an official visit by Deputy ...
   

Perdios: Sports Tourism Should be an Integral part of Cyprus’ Tourist Product

Deputy Ministry for Tourism will work to render sports tourism an integral part of Cyprus’ tourist product, Deputy Minister Savvas Perdios has said on ...
   

British High Commission Continues to Support Innovation in Cyprus

Over recent months the British High Commission has supported a series of Innovation Workshops delivered by the Northern Ireland Cooperation Overseas (NICO) in ...
   

Infocredit Supports Boot-Camp Entrepreneurship-PEAK Up Your Success at EUC

Infocredit Group, committed in supporting innovation and youth entrepreneurship, was among the sponsors of the Boot-Camp Entrepreneurship-PEAK Up Your Success ...
   

Promoting Cyprus at the MIPIM International Property Exhibition in Cannes

Invest Cyprus (the Cyprus Investment Promotion Agency), accompanied by leading Cypriot companies active in the professional services and real estate ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
GloriaJeans_300x250px

IMH LTD