Retail news round-up: Poundland to close 80 stores, House of Fraser chief executive quits, and Fashion chains up for sale
Poundland plans to shut 80 stores
Poundland is set to shut up to 80 stores two months following its acquisition by Steinhoff International, The telegraph reported.
Property agents have received a list of the stores spread across the country, as Poundland seeks to consolidate its portfolio.
House of Fraser chief executive hands in notice
House of Fraser chief executive Nigel Oddy has handed in his notice amid reports of dispute between the retailer’s British management and its Chinese owner, The Times reported.
Mr Oddy, who has been head of the department store chain for almost two years, will stay until a replacement has been appointed to help with the handover.
Sanpower bought House of Fraser in 2014 and bosses are frustrated at a lack of funding.
House of Fraser's spokeswoman said: “Since the acquisition, Sanpower has committed to support House of Fraser in the event that the business development plans required them and the board had requested them.
“There is an ongoing dialogue between management and the shareholders on possible capital expenditure programmes. Since the beginning of 2015, there has been no request from the board of House of Fraser as the business is self-funding through the bond issue last year and its own cash.”
Coast, Oasis and Warehouse up for sale
Fashion chains including Coast, Oasis and Warehouse are being put up for sale in an effort to recover money for creditors of failed Icelandic bank Kaupthing, Irish Independent reported.
The portfolio of fashion retailers are being looked upon to be sold off by administrators who control the bank. They are also checking options for the sister company that operates the Karen Millen fashion chain, which has the same owner.
The bank and retailers did not respond to requests for comment.