House of Fraser closures: A car crash that we all knew was on its way
There are simply no crumbs for comfort, says Star Business Editor James Pugh.
It’s been like watching a slow-motion car crash. We all knew it was coming, we just didn’t know how bad it would be.
But the rescue plan for House of Fraser is about as bad as it could be, especially for the more than 200 people working at the stores in Shrewsbury and Telford.
Many of them will have worked for the company for a couple of decades, so they will have witnessed the slow, awful decline of the retailer.
The chain, founded in 1849, has come unstuck in a number of ways, having failed to invest in its stores and its online offer.
It was bought by Chinese group Sanpower in 2014 but despite injections of cash here and there, promised investment failed to come through, and debts have weighed.
