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  1. ITV Report

Milton Keynes House of Fraser to definitely shut after creditors approve closure plans

House of Fraser will definitely close its Milton Keynes store. Credit: PA

Creditors have backed House of Fraser's plans to close dozens of its stores nationwide - including its branch in Milton Keynes.

The shop is one of 31 in total that will be shut with a loss of 6,000 jobs nationally.

Bosses say the entire company could have collapsed if creditors had rejected their proposal.

House of Fraser will use company voluntary arrangements (CVAs) to overhaul their business and secure rent reductions on their remaining shops.

High Street landlords were angered by the vote because they claim they will have to take the hit of financial losses.

The Milton Keynes store will shut early next year.

“The CVA proposals have been approved by our creditors and we are grateful for their ongoing support and belief in the future of House of Fraser," Chief Executive Alex Williamson said.

"Our focus is on supporting all of our affected colleagues and we are exploring every opportunity available to them working alongside the Retail Trust and the wider retail community.”