House of Fraser staff fearful over pensions as store closures loom
Concerns for the future of House of Fraser's stores have left staff fearing for their pensions, according to a former worker.
The company revealed plans to close branches earlier this week – but has yet to confirm which stores are at risk.
That has left the future of stores in Telford and Shrewsbury, as well as Beatties in Wolverhampton, hanging in the balance.
Former worker Matthew Rea, from the Friends of Beatties Group, said past and present staff alike are worried what the future might hold.
Mr Rea said: “There is a massive concern from a lot of people about their pensions – from both ex-staff and current staff. No-one knows exactly what is going to happen.
“Beatties closing down would be a real shock for Wolverhampton. It’s a place so many people are passionate about.
“A lot of people would be very disappointed and it would be a big loss.
“It used to be a family business where everyone felt like they were part of the family – everyone knew each other. After House of Fraser took over that all changed. And I think that unfortunately it has gone too far now to save it.”
Bosses from House of Fraser and its advisers from accountancy KPMG are now set to run the rule over department stores, including those in Telford, Shrewsbury and Wolverhampton.
It is part of a major restructuring deal that will see House of Fraser’s Chinese owner Nanjing Cenbest sell a controlling stake to another Chinese group, Hamleys toy store owners C.banner, for £70 million.
