The Fall of the House of Fraser
The BBC reported that the House of Fraser plans to close 31 of its 59 stores by the end of the year, including its flagship Oxford Street store. House of Fraser needs approval from at least 75% of its creditors to go ahead with its rescue plan. Established in 1849, House of Fraser became a national chain after World War II, through multiple acquisitions. In 1948 the company was publically listed, but in 2006 it was acquired by a private consortium of investors. In 2014 the chain was sold to a Chinese department store chain, and it now needs to handle voluntary administration. Multiple other attempts were made along the way to acquire the business. We have always held a view that multiple ownership changes will eventually destroy any business.