Retail Tycoon Mulling Rescue Deal For House Of Fraser After Landlord Lifeline

by MR Magazine Staff

Retail tycoon Philip Day was on Monday examining a potential rescue deal for House of Fraser, a day after the ailing department store group was given a lifeline by landlords. Edinburgh Woollen Mill’s owner Day was first linked with an acquisition for the firm last week. Sources close to the entrepreneur today said that he was still “weighing up” making an offer. His decision not to walk away could have been helped by landlords yesterday dropping a legal challenge against House of Fraser’s plan to axe stores using a Company Voluntary Arrangement (CVA) — a move that allows distressed businesses to quit stores or seek rent cuts. Read more at Evening Standard.