Greedy Landlords Threaten Jobs Amidst Ongoing Negotiations
- House of Fraser store closures expected to be announced
- Landlords blamed for impending closures
- Ashley proposes 5% turnover rents, including service charge
- Flagship Oxford Street store and others in Telford, Carlisle, and Plymouth saved so far
An announcement is expected regarding the closure of more House of Fraser stores, with landlords being blamed for the impending closures that may result in hundreds of job losses. Mike Ashley, who bought the department store chain from administration for £90m, has proposed rents equal to 5% of a store’s turnover including service charge in an attempt to save the business. While some landlords have been collaborative and saved flagship stores in Oxford Street, Telford, Carlisle, and Plymouth, others are reportedly greedy and unwilling to agree to lower rents, risking job losses. A spokesperson for House of Fraser stated that they will continue negotiations but time is running out.
Factuality Level: 8
Factuality Justification: The article provides relevant information about the potential closure of House of Fraser stores due to landlords’ reluctance to accept lower rents and includes quotes from a spokesperson for the company. It also mentions specific stores that have been saved so far. However, it uses the term ‘greedy landlords’ which could be seen as a personal perspective.
Noise Level: 3
Noise Justification: The article provides relevant information about the potential closure of House of Fraser stores due to landlord disputes over rent reductions, and includes quotes from a spokesperson for the company. However, it contains some repetitive language and does not offer much analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: House of Fraser, its landlords, and potentially related retail stocks
Financial Rating Justification: The article discusses the financial situation of House of Fraser, a department store chain, and its potential impact on jobs and the company’s future. It also mentions the involvement of landlords and their role in the decision-making process, which could affect the retail sector and related stocks.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
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