House of Fraser of the UK is to close 31 of its 59 stores as part of a rescue deal. According to management, this move is "brutal… and as tough as it gets". Around 2000 House of Fraser jobs will be cut as well as 4000 brand and concession roles. The closing schedule includes the Oxford Street store which, however, will stay open until early 2019. The company is seeking a 70% rent reduction on the closing stores until they shut, as well as a 25% rent reduction on stores staying open.

House of Fraser started with a shop in the centre of Glasgow almost 170 years ago. It became a retail empire with more than 100 department stores, including iconic luxury store Harrods in 1959. Owner Hugh Fraser also acquired Kendals in Manchester and Rackhams in Birmingham. Hugh's son, also called Hugh, expanded the portfolio with a further 50 stores. The Fraser dynasty came to an end in 1985, when Mohamed al-Fayed took it over. The House of Fraser Group has annual sales of £1.2bn. It employs about 5,000 people directly and also has 12,500 concession staff.