Two of the largest retailers in the UK agreed to hold the fight in court as sports direct said that it unfairly denied access to important documents on the corporate plan house of Fraser.
Sports holds 11.1 PC at home stock Fraser, but said it was “frozen out” Director of the Department store. As a result, he filed a petition in the high court on Friday seeking an injunction requiring the house of Fraser to provide a copy of its corporate plan, and any other information which, according to part-owner West coast capital achieves.
“We were frozen on the house of Fraser”, – said the head of sports direct’s strategic investment Liam Rowley.
“Their relationships in China are opaque and it is blatant that we were unfairly treated. We have no other choice but the trial to protect the interests of sports direct and its shareholders.”
House of Fraser closing of the store will see hundreds of jobs dismissed
Legal filings made on behalf of Directors, including the Chairman of house of Fraser Frank Slevin.
House of Fraser declined to comment on the court case.
Last week, S. Chinese banner group, which owns Hamleys, took a 51pc stake in international organizations house of Fraser group, parent of the UK company Sports direct investor. C. banner bought Cenbest part of the Sanpower group’s previous majority owner of house of Fraser and investing new capital.
Cenbest remains a minority investor in the international group.
House of Fraser also restructuring through a company voluntary Agreement (CVA), which will be launched next month. It is expected to see it cut jobs and stores. The firm said: “we must create a more flexible business.”
High street recession
Said Mr. Slevin at the time of restructuring and capital injection combination “is a step to protect the house from the long-Fraser future”.
The Department store also is expected to have to pump more money into their pension schemes, benefits to solve their obligations.
It comes amid a serious shakeup in the retail sector, as online sales of more traditional shops have closed their doors or find new ways to attract customers.
High-profile casualties this year include a workshop and toys R us.