Creditors approve closure of Milton Keynes branch of House of Fraser
The Milton Keynes branch of House of Fraser will definitely close, a meeting of creditors has confirmed.
The store at centre:mk is one of 31 that will shut with a loss of 6,000 jobs nationally, including 239 at Milton Keynes.
The Milton Keynes store will shut early next year.
Bosses say the entire company could have collapsed if creditors had rejected their proposal.
House of Fraser will use company voluntary arrangements (CVAs) to overhaul the business and secure rent reductions on their remaining shops.
High Street landlords were angered by the vote because they claim they will have to take the hit of financial losses.
Chief executive Alex Williamson said: “The CVA proposals have been approved by our creditors and we are grateful for their ongoing support and belief in the future of House of Fraser.
“Our focus is on supporting all of our affected colleagues and we are exploring every opportunity available to them working alongside the Retail Trust and the wider retail community.”