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One of the UK’s biggest department stores collapsed — but was almost immediately rescued by a billionaire sports tycoon
EY, one of the "Big Four" accountants, have been appointed as administrators. House of Fraser, which employs 17,500 people across the UK, will continue to trading while EY tried to find a buyer for part or all of the business.
House of Fraser is looking wobbly as the consumer spending crunch deepens: ‘It’s going to be very hard to save the business’
The department store has a £400 million debt pile and is battling slowing consumer spending.
Marks & Spencer and House of Fraser on Thursday became the latest retailers to report disappointing sales over Christmas.
Last June's vote to leave the European Union 'significantly impacted management's ability to raise funding when planned,' Tandem says in its 2016 accounts.