British department store House of Fraser to appoint administrators
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British department store House of Fraser will seek the appointment of administrators on Friday after negotiations with its investors and creditors failed to conclude in a "solvent solution", reported the BBC.
The move into administration, a form of creditor protection, puts up to 17,000 jobs at risk.
House of Fraser said in June it needed to shut 31 stores and makeup to 6,000 people redundant to survive, but that rescue plan was thrown into doubt after Chinese group C.banner pulled out of a plan to inject new equity.
The retailer's current owners are Nanjing Cenbest, part of China's Sanpower Group.
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