Britain’s House of Fraser Sold Out by Chinese Owner
A company backed by real estate conglomerate Sanpower Group is selling the historic British department store operator House of Fraser, four years after purchasing the storied but struggling traditional retailer.
Nanjing Xinjiekou Department Store Co. Ltd., which is 27% owned by Sanpower, announced the sale of its 51% stake in House of Fraser Group Ltd. in a filing to the Shanghai stock exchange on Wednesday, saying the move was part of a reorganization (link in Chinese) . It said the sale includes House of Fraser stores that are mostly located in Britain, but also one in its hometown of Nanjing and the city of Xuzhou.
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