House of Fraser will now move ahead with its plans to close 31 of its stores in January as well as continue in its search for new backing.
This follows an out of court settlement reached with a group of landlords who had challenged the terms of the proposed CVA. Commenting on the agreement, Mark Fry of Begbies Traynor and Charlotte Coates of JLL, the landlords’ legal advisors, said: ” Although we will not have our day in court, we are pleased with the outcome and hope that our landmark legal challenge sends a clear message to any other companies considering a CVA, on the importance of transparency and fair treatment for all creditors throughout a CVA process.
Share