There could be more job losses on the High Street! That may happen if what Frasers Group has warned comes true.
The UK’s largest sports good retailer, which owns House of Frasers and Sports Direct, among others, has warned landlords that it would shut down more stores, especially of House of Frasers, if rent negotiations fail.
The retailer has been working on changing rents from traditional fixed free agreements to sales-based agreements.
Frasers Group added that 2020 has been its most challenging year – all thanks to Brexit and coronavirus pandemic.
House of Fraser, which currently runs 48 stores, could be the most vulnerable of Group’s brands as far as store closures are concerned.
Substantiating on the above, David Daly, Chairman of the Group, said that if the Government does not reform business rates, several House of Fraser stores would shut down in 2021 when tax holiday comes to an end.
David urged for a meeting with the Prime Minister Boris Johnson so as to resolve the issue at the earliest and thereby help save many jobs.
Meanwhile, the Group has decided to invest £100 million in its digital business after its online sales shot up considerably during the lockdown period.
Earning revenue of 3,701.9 million, Frasers Group recently expressed its plans to also take over DW Sports.
Also Read: Frasers Group to place £30 million bid on DW Sports
Also Read: Frasers Group to stop rent payments until trading returns to normalcy
