House of Fraser rejects sell off rumours
House of Fraser has issued a statement in a bid to stop industry rumours that it is preparing to merge with Debenhams or sell off a number of stores.“Following recent incorrect market speculation reported in the media, House of Fraser would like to clarify that it currently has no intention of selling any of its 62 stores,” says the company.
“The department store continues to be in a strong financial position. The group is trading ahead of plan and is seeing sales on an improving trend with positive growth in the last 12 weeks. It is business as usual for House of Fraser.”
The company says it has in excess of £85m in cash and working capital facilities of £36m, which it says is sufficient to meet all its obligations for the forseeable future.
“The business remains fully compliant with all of the conditions contained within its banking agreements.The group intends to update the market on its performance following its half year to end July in September 2009,” continues the statement.
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