House of Fraser’s stores in Camberley is due to continue trading as new lease terms have been agreed between the company and its council landlords.
Surrey Heath Borough Council is understood to have renegotiated the lease with House of Fraser’s new owners, after the store was earmarked for closure amid its company voluntary agreement (CVA).
Days after buying the department store from administration earlier on August 10 for £90 million, Mike Ashley pledged to ensure 80 per cent of its stores would stay open.
Under the original CVA the department store planned to shut 31 of its 59 stores.
“We are firmly committed to a department store remaining part of Camberley’s future,” council leader Moira Gibson and chief executive Karen Whelan said in a joint statement.
“House of Fraser is very popular with our residents and visitors and is a key retail presence in the town.
“We look forward to supporting the store and the management team. This is also great news for the Camberley House of Fraser’s staff after what must have been a time of great uncertainty.”
Earlier today it was announced that three House of Fraser properties in Edinburgh, Hull and Swindon were not so lucky and are due to shut their doors, plunging hundreds of staff into a redundancy consultation. Ashley also said a fourth store in Bath was under consideration.
To date 20 stores have been saved from closure including its Oxford Street flagship, saving around 3,500 jobs.