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House of Fraser plans to close stores as new owners look to turn around the department store chain.

House of Fraser confirmed that Chinese retailer C.banner is taking a 51% stake in the firm, shifting control from previous Chinese owner Nanjing Cenbest.

The retailer intends to launch a company voluntary arrangement (CVA) under which it is likely to close some stores and renegotiate rents on others.

House of Fraser did not say how many stores are earmarked for closure.

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BBC News

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