C.banner, an international retailer, had agreed in May to buy a 51 percent stake in House of Fraser but on 1 August it cancelled a planned share placing that would have funded the deal and announced a profit warning. "In light of C.banner's announcement... House of Fraser is in discussions with alternative investors and is exploring options to obtain the required investment on the same timetable," the 169-year-old retailer said in a statement. House of Fraser had agreed to close stores as part of the rescue deal, and in June creditors approved a restructuring plan which would see 31 of its 59 stores close early next year and pave the way for the loss of 6,000 jobs.

C.banner, a major retailer of mid-range to premium footwear brands in China, bought famous London toy shop Hamleys in 2015.