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House of Fraser to fall into administration today with 17,000 jobs at risk

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House of Fraser is set to fall into administration today, the company has said, putting up to 17,000 jobs at risk.

The retailer said significant progress has been made in reaching a sale of the groups business and assets.

EY, which is expected to be appointed administrators today, is expected to continue those discussions in hopes of reaching a deal shortly after their appointment.

File photo dated 07/01/18 of a House of Fraser store sign. House of Fraser has settled a legal challenge from landlords over plans to close 31 of its 59 stores next year. PRESS ASSOCIATION Photo. Issue date: Monday August 6, 2018. See PA story CITY HoF. Photo credit should read: Dominic Lipinski/PA Wire

There are 17,000 jobs at risk as House of Fraser goes into administration (Picture: PA)

Alex Williamson, chief executive of House of Fraser, said: We are hopeful that the current negotiations will shortly be concluded.

An acquisition of the 169-year-old retail business will see House of Fraser regain stability, certainty and financial strength.

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In the two weeks since the Cenbest and C.Banner transaction ceased, the directors have brought forward a number of potential buyers and the groups financial advisors have run a comprehensive M&A process to identify and then develop other third party interest that has culminated in the senior secured creditors leading negotiations with parties at a critical pace.

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House of Fraser chairman Frank Slevin said: This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan.

Despite the very recent termination of the transaction between Cenbest and C.Banner, I am confident House of Fraser is close to securing its future.

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