11,000 JOBS GO ON HIGH STREET
11,000 jobs face axe in stores cull
MORE than 11,000 jobs were set to go last night as House Of Fraser and Poundworld led a fresh bout of high-street horror cuts.
The department store chain is set to axe 6,000 jobs and close 31 of its 59 shops in the UK and Ireland.
And budget retailer Poundworld was last night poised to plunge into administration, putting more than 5,000 jobs at risk nationwide.
It is a fresh double blow in a grim year for Britain’s high streets.
Rescue plans for House Of Fraser will affect up to 2,000 of the chain’s staff and a further 4,000 working in brands and concessions.
The sites earmarked for closure, including the flagship Oxford Street store in
London, would remain open until early 2019.
But the firm said it has already told staff set to be affected by the proposals.
The restructuring deal will slash rents for a further 10 stores that will re- main open. The retail giant, which has a history stretching back nearly 170 years, has struggled over the past few years.
Frank Slevin, chairman of House Of Fraser, said: “The retail industry is undergoing change and House Of Fraser needs to adapt to this landscape in order to give it a future and allow it to thrive.”
Meanwhile, Poundworld filed a notice of intention to appoint an administrator to protect it from its creditors for two weeks.
Bosses hope to thrash out a deal to save the firm with former Little Chef owners R Capital.
Poundworld, which is currently owned by TPG Capital, had previously rejected offers to sell.