Nanjing Cenbest Archives - Inside Retail Asia
House of Fraser’s rescue deal leaves Nanjing Cenbest – which brokered the failed C.banner International investment – with nothing.
Chinese-owned department store operator House of Fraser may seek support from UK landlords and creditors for a Company Voluntary Agreement.
The Chinese firm which has a majority ownership in House of Fraser has confirmed plans to offload most of its stake.
Nanjing Cenbest, a subsidiary of Sanpower Group, has finally completed buying House of Fraser. The Chinese department store operator has paid approximately £480 million ($790.3 million) to acquire 89 per cent of the British department store chain. Don McCarthy, executive chairman of House of Fraser, said: “The acquisition by Nanjing Cenbest will move House of Fraser to the next stage of its development as a leading international, multichannel retail group with a premium fashion offering…