House of Fraser Set to Close Store in Reading
Another blow for the struggling fashion retailer as it announces the closure of its store in The Oracle shopping centre in Reading town centre on October 29. This follows a series of store closures in recent years.
Chain's Battle for Survival
House of Fraser narrowly avoided collapse in 2018 when it was saved by billionaire businessman Mike Ashley. However, despite the rescue deal, the retailer has been plagued by closures and financial challenges.
Signs of Struggle in the UK Retail Industry
House of Fraser is not the only retailer facing difficulties. With only 30 department stores remaining in the UK, the retail industry as a whole is feeling the impact of soaring inflation, high energy costs, and the shift to online shopping.
Investing in Some Stores, Closing Others
Frasers Group, the parent company of House of Fraser, insists that they are investing in many of their stores across the UK. However, tough decisions have to be made, resulting in a series of closures. They assure that by the end of the year, over 10 Frasers stores will have opened since acquiring the business.
Wilko Stores Also Struggling
In addition to House of Fraser's challenges, long-standing retailer Wilko is facing its own difficulties. After falling into administration, the company is now at risk of disappearing from the high street after 93 years.
Overall, the combination of economic factors and changing consumer habits has led to a challenging environment for UK retailers, with many struggling to stay afloat.
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