The House of Fraser department store chain has announced it intends to close its Milton Keynes store as part of restructuring plans.
As part of plans to close 31 stores in the UK, House of Fraser has announced it intends to close their MK store and 30 others, including its London Oxford Street branch, until the start of 2019.
6,000 jobs are at risk under the proposals, which come as part of the firm’s restructuring agreement.
The group’s chairman Frank Slevin told the Independent, “The retail industry is undergoing fundamental change and House of Fraser urgently needs to adapt to this fast-changing landscape in order to give it a future and allow it to thrive.
“Whilst closing stores is a very difficult decision, especially given the length of relationship House of Fraser has with all its locations, there should be no doubt that it is absolutely necessary if we are to continue to trade and be competitive.”
The proposals will now be voted on by the company’s creditors. A vote will be held on June 22nd, and require the approval of 75% of the firm’s creditors to proceed.
House of Fraser is the latest high street store to announce closures in 2018, following previous announcements of UK store closures by shops including Marks and Spencer, Mothercare, Jamie’s Italian, Byron, Carphone Warehouse, and New Look, plus the collapse of Toys R Us and Maplin.
Further issues have also been recorded for the discount chain Poundworld. After a buyer for the retailer pulled out on Wednesday, the group faces administration, at the risk of 5,300 jobs.