View Full Version : House of Fraser gone
Auntie Andy
10-08-18, 06:47
Administration with 17,000 jobs gone.
Sad.
Llanedeyrnblue
10-08-18, 06:49
Administration with 17,000 jobs gone.
Sad.
Do you mean the whole business is gone now, not just the stores they named as closing a month ago?
Auntie Andy
10-08-18, 07:00
Do you mean the whole business is gone now, not just the stores they named as closing a month ago?
https://www.bbc.co.uk/news/business-45140874
Websites down also which suggests it’s gone.
That’s one big building in town, what’s plans for it?
Mike Ashley could be buying it
splott parker
10-08-18, 07:36
That’s one big building in town, what’s plans for it?
Mike Ashley could be buying it
Well he’s not buying many players, could be right👍
Department store chain House of Fraser is appointing administrators, putting thousands of jobs at risk.
However, all of its 59 shops are set to open as usual on Friday, including the 31 that have already been marked for closure.
House of Fraser - which began trading 169 years ago - employs 17,500 people, including 11,500 concession staff.
There is speculation that a deal to take it out of administration could be reached shortly.
In a statement, the retailer said that talks with investors and creditors had "not concluded in a solvent solution".
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.
That’s one big building in town, what’s plans for it?
Heard the "BOROUGH" are putting a bid in, to cater for extra karaoke nights :hehe:
Well he’s not buying many players, could be right��
Looks like Mike Ashley is, indeed, buying HoF.
Sports Direct said in a statement: "The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business."
That’s one big building in town, what’s plans for it?
Sure I read a few hotels were interested.
Not sure there would be any similar stores in a position to take it on but also by modern standards the layout prpbably isn't considered the best.
Llanedeyrnblue
10-08-18, 09:26
Heard the "BOROUGH" are putting a bid in, to cater for extra karaoke nights :hehe:
Maybe the grannies could use the beds in the furniture department
Penarth Blues
10-08-18, 10:56
Looks like Ashley has paid £90M for some of the best prime real estate in the UK plus all the inventory in the stores. That looks like a bargain to me and I can't see this ending in any other way than asset stripping unfortunately. Another nail in the coffin of the town centre.
City Centre's need to wake up quickly to the fact they will shortly become irrelevant if they are not careful.
As we stand, contrary to what has been said, it is business very much as usual today at the House of Fraser. The stores are all open and trading, the 17,000 employees are all still in jobs. That could all change, of course, but the future does look a little better for them than it did at 7.00am this morning. There is a chance, a very small chance of the business surviving now, a chance thats seemed to gone earlier on today when the previous prospective buyers pulled the plug.
The Cardiff store will close as that was the original plan by HOF. Asset stripping is now the likely outcome and the Cardiff site alone will be worth more than the sum Ashley is buying it for. He also owns 30% of Debenhams. However, the Company debt stands in excess of £400m (some of which is in the form of bonds) and it is unclear whether Ashley will have inherited a substantial part of that in his buy out. Looks like the Cardiff HOF store is ripe for development as a hotel possibly as no retailer is likely to be interested.
The Cardiff store will close as that was the original plan by HOF. Asset stripping is now the likely outcome and the Cardiff site alone will be worth more than the sum Ashley is buying it for. He also owns 30% of Debenhams. However, the Company debt stands in excess of £400m (some of which is in the form of bonds) and it is unclear whether Ashley will have inherited a substantial part of that in his buy out. Looks like the Cardiff HOF store is ripe for development as a hotel possibly as no retailer is likely to be interested.
I don't think that HoF / Ashley actually own the Cardiff store, I think that they lease it and as such there will be no benefit at all to Mike Ashley.
I don't think that HoF / Ashley actually own the Cardiff store, I think that they lease it and as such there will be no benefit at all to Mike Ashley.
Yes, I don't think hof own many or any of the properties their stores are situated in.
It's mad think that he picked up the House of Fraser chain for less than Juventus paid for an already peaked Ronaldo.
So to make things clear:
House of Fraser is not "Gone".
17,000 people have not today lost their jobs.
The store is trading as normal today.
It's website is up and running.
Sports Direct has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.
House of Fraser / Sports Direct does not own the site of the Cardiff store and if this is sold they will not benefit from it in anyway.
Just wanted to clear up some obvious misunderstandings.
Wales-Bales
10-08-18, 12:29
So to make things clear:
House of Fraser is not "Gone".
17,000 people have not today lost their jobs.
The store is trading as normal today.
It's website is up and running.
Sports Direct has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.
House of Fraser / Sports Direct does not own the site of the Cardiff store and if this is sold they will not benefit from it in anyway.
Just wanted to clear up some obvious misunderstandings.
Why don't you put in a bid for the Cardiff store and turn it into student accomodation?
Why don't you put in a bid for the Cardiff store and turn it into student accomodation?
Because, in my opinion, there is more than enough student accommodation being developed and in the planning system in Cardiff already.
Stavross1927
10-08-18, 12:49
Yes, I don't think hof own many or any of the properties their stores are situated in.
I think they used, to however they sold freehold a large number of properties a few years ago when to pay of debts and leased them back at quite high rates and on long leases. Think that was a small part of their undoing.
Retail on the high st is dead for those that don’t have unique or exclusive products, as general brands are available at cheaper rates online. Realistically it needs something like an Amazon tax I.e. some form of tax for online only retailers that don’t have the costs associated with bricks and mortar retail outlets. It also needs some support with business rates as these seem extortionate in a number of places particularly for smaller independent retailers.
Joe Gillis
10-08-18, 13:34
That’s one big building in town, what’s plans for it?
Hotel
Hotel
I agree the sensible option would be for a new hotel on the site but as yet I don't think that there are any firm proposals or any planning applications submitted for any redevelopment of the site.
The only difference youll notice is that you'll get a free giant mug with every online purchase.
Quote from Mike Ashley this afternoon:2623
It appears that all may not be lost as far as House of Fraser is concerned. They are looking to keep open as many stores as possible.
Possibly good news for HoF and their employees.
Well he’s not buying many players, could be right👍
Not that surprising to me.
Ashley has taken a lot of stick over the years, not just from the likes of us either, his own fans have been right on his case.
Sounds good news for the many HoF employees, though it wouldnt surprise me to see many on minimum wage.
Penarth Blues
10-08-18, 18:11
Quote from Mike Ashley this afternoon:2623
It appears that all may not be lost as far as House of Fraser is concerned. They are looking to keep open as many stores as possible.
Possibly good news for HoF and their employees.
Fingers crossed that Cardiff remains one of those. HoF still offers something that St David's 2 doesn't and the building is one of the key ones in Cardiff City Centre
Ashley is renowned for paying low wages and poor working standards. In the unlikely event the store remains open which I doubt staff will have to brace themselves for redundancies and poorer working conditions.
The Cardiff store is so big I reckon it is unsustainable in its current form. It would be better off as a hotel, shops, bars etc...
life on mars
10-08-18, 19:44
Department stores are dead, even John Lewis the last one left is in trouble.
Good accusation for Ashley though , I reckon he'll up market his Sports Direct brand in some , put his posh end Flannels outlet in others , and as someone pointed out downsize the bigger ones like Cardiff and multi purpose them as flats or hotels , not sure who owns the Cardiff land though it sits on .
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