Rackhams saved in boost for high street
A HOUSE of Fraser store has been saved from closure.
In a boost for Altrincham’s high street, new owner Mike Ashley has struck a last-minute deal with the property’s landlord to ensure the store can keep trading.
The Stamford Quarter store – known as Rackhams – was earmarked for closure in June when the chain’s then owners announced a ‘restructuring proposal.’
At the time it was reported that about 45 job would be lost.
Rackhams was one of 31 House of Fraser stores set to shut, including the flagship Oxford Street branch in London.
Kendals in Manchester city centre was not among the stores set to close.
Billionaire Mr Ashley, who also owns Sports Direct and Newcastle United, bought House of Fraser for £90m last month after it went into administration. He has since announced rescue deals struck to save 20 of the 31 closure-threatened stores, saving about 3,500 jobs. But the Edinburgh, Hull and Swindon branches still face closure and a question mark hangs over the Bath store.
The rescue deal comes as towns fight to compete with rising internet sales and out-of-town shopping centres. Latest figures show more than 51,000 high street shops have closed in the last year amid spiralling business rates and rents.
High-profile casualties include Toys R Us, Maplin and Homebase, while Marks and Spencer recently announced it was shutting 100 stores.