Four Bidders Table House of Fraser Rescue Proposals

Published in

The future of House of Fraser will be settled in the next 48 hours as at least four bidders tabled rescue proposals for the struggling UK department store group. Two people familiar with the situation confirmed that Philip Day, the Dubai-based entrepreneur and owner of Edinburgh Woollen Mill, had put forward a plan that would avoid House of Fraser going into administration first, the Financial Times reported. Representatives for Mr Day declined to comment. House of Fraser said in a statement to bondholders that it continued to negotiate with interested investors and its main secured creditors “to enable receipt of an investment required by no later than August 20”. This is the date by which the company must make its next payment to wholesale partners, whose merchandise accounts for just over a third of its sales. Read more. (Subscription required.)