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  1. ITV Report

House of Fraser's flagship Oxford Street store among 31 to shut as 6,000 jobs lost in bid to save chain

House of Fraser's flagship Oxford Street store will close. Credit: PA

House of Fraser has announced it will close 31 stores as part of plans to restructure the business to secure a "viable future".

The troubled department store said up to 2,000 staff and a further 4,000 "brand and concession partners" would lose their jobs.

The company's flagship store on London's Oxford Street is among those set to shut in 2019 if its steps to restructure are approved.

House of Fraser confirmed it has filed proposals for Company Voluntary Arrangements (CVAs) in court on Wednesday to begin the process.

ITV News Business Editor Joel Hills tweeted:

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House of Fraser operates 59 leased stores across the UK and Ireland.

It described its property portfolio as "unsustainable" in its current form.

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A statement from the company said: "Following a comprehensive review of the group’s entire property portfolio, the directors of the companies have identified 31 store1 for closure which will reduce the total store estate to 28 stores.

"As part of this CVA process, the company also proposes to relocate the Baker Street head office and the Granite House office in Glasgow to new locations."

More than half of House of Fraser stores are to close. Credit: PA

It said the the stores scheduled for closure will remain open until early in 2019, pending approval of the CVAs.

"If this process is approved it will affect up to 2,000 House of Fraser colleagues and a further 4,000 brand and concession partners," the company added.

"Those impacted by the proposed changes have already been informed."