Hundreds of jobs a risk after Chinese firm C.banner agrees to buy 51% stake in retailer

House of Fraser is to close stores, potentially putting hundreds of jobs at risk, in a restructuring deal that will give control of the retail chain to the Chinese owner of Hamleys.

C.banner is buying a 51% stake in the parent group of the ailing department store group. The buyout will involve the acquisition of shares from Nanjing Cenbest, part of China’s Sanpower conglomerate, which will retain a minority stake.

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