A number of House of Fraser stores look set to close this week, with the boss of new owner Sports Direct International PLC (LON:SPD) Mike Ashley blaming “greedy landlords” for potentially hundreds of job losses, according to news reports.
The retail billionaire, who bought the collapsed department store chain out of administration for £90mln earlier this month, has been in talks with landlords over rents in recent weeks, which has resulted in around seven House of Fraser stores being saved from closure, including its Oxford Street flagship.
READ: House of Fraser flagship Oxford Street store saved from closure
However, Ashley warned on Tuesday that “time is running out” for the remainder of the 59-store estate, ITV News said on its website.
The news site quoted a spokesman for House of Fraser as saying: “Some landlords are being very collaborative in order to give us a chance at turning the business around, giving House of Fraser a lifeline and saving hundreds of jobs.
“However, some greedy landlords would rather see the stores close than help save the jobs of hundreds of people.”
Ashley, who also owns Newcastle United football club, has pledged to save around 47 of House of Fraser’s 59 outlets.
When unveiling the acquisition, Ashley said: “My ambition is to transform House of Fraser into the Harrods of the high street. We will do our best to keep as many stores open as possible.”