Chinese company selling majority stake in House of Fraser stores
House of Fraser is being sold by its Chinese owners in the latest sign of upheaval on the UK's beleaguered high street.
Sanpower-owned group Nanjing Xinjiekou Department Store is selling a majority 51% stake in House of Fraser, which has one location at Victoria Square in Belfast, to Chinese tourism group Wuji Wenhua.
It comes after recent trading troubles at House of Fraser and amid a dismal start to 2018 for UK retail, with Toys R Us and Maplin both collapsing into administration in February.
A House of Fraser spokesman said it was "business as usual" at the chain in the UK, adding that the move was "just a change of ownership". Sanpower bought House of Fraser in 2014, but the deal has since proved ill-fated for the Chinese giant, with UK trading under pressure and little success in its plans to launch department stores worldwide.
House of Fraser reported a 2.9% fall in sales in the crucial six weeks to December 23.