HOUSE OF FRASER SHUTTING 3 STORES
LONDON — House of Fraser PLC, one of the U.K.’s largest department store groups, said Monday it will close three stores this spring and warned that retail sales generally remain soft.
The firm said it would close its Binns stores in South Shields and Bridlington, England, and its Rackhams store in Bradford at the end of April.
The cost of the closures, combined with the shuttering of the Newcastle store announced last August, will be more than $3.14 million (2 million pounds), the company said.
The store closings are not expected to impact House of Fraser’s plan to refurbish 11 of its 52 remaining stores this year and to open a 120,000-square-foot store in Swindon, England, in 1996.
The retailer said, however, warm weather in the U.K. through early December affected sales of a number of seasonal items and led to heavy discounting. Still, in the six-week period prior to Christmas, sales rose 10 percent compared with 1993.
— Fairchild News Service