More House of Fraser stores could be set to close, Frasers Group has warned.
The retailer’s chief executive Michael Murray said House of Fraser’s portfolio was “continually under review” and that some outlets were still “too big and we have to find solutions for the excess space”.
The news comes after the business has suffered numerous store closures, with Mike Ashley admitting in 2019 that buying the department store was a mistake.
Frasers has shut down eight of the department stores over the past year so far.
Meanwhile, the number of House of Fraser shops has plummeted from 59 to 31 since being bought out of administration in August 2018.
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Despite Murray describing “the department store globally” as “broken” new Frasers stores set to launch within the next year include a revamp of an outlet in Norwich and a site in Blackpool.
Frasers Group has seen profits almost double for the year ending April 30, as its acquisition spree paid off.
The business pulled in adjusted pre-tax profit of £478.1m, p compared to £339.8m last year, hitting the higher end of its forecast range which sat between £450-500m.