From the BBC:
House of Fraser's flagship Oxford Street store will now stay open after the chain's new owner agreed revised terms with its landlord. The store had been due to close under a restructuring plan that House of Fraser announced in June...
The store was one of the 31 earmarked for closure under the CVA restructuring deal that was first struck before Mr Ashley stepped in with his £90m rescue bid...
Property giant CBRE, which is advising Sports Direct, said negotiations over the Oxford Street outlet had been conducted at "great speed.. This deal only happened because all parties realised it was better to keep the store open and fully operational. It was a real case of landlord and tenant genuinely working together and at great speed. Everyone was sensible about the terms of the transaction."
It's about making a credible threat. The landlords blinked first. Well done, Mr Ashley.
Debate Magazine
