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House of Fraser's Chinese Owner to Offload Troubled Stores

  • Nanjing Xinjiekou Dept. Store to sell 51% stake: filing
  • U.K.’s department-store chains struggling against e-commerce
A shopper passes a House of Fraser Ltd. department store window in London.
Photographer: Luke MacGregor/Bloomberg
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The Chinese owner of House of Fraser plans to sell its majority stake in the troubled British department-store chain, adding to the upheaval on the U.K.’s shopping streets.

Nanjing Xinjiekou Department Store Co. will sell its 51 percent holding to a tourism development company named Wuji Wenhua, according to a Chinese stock exchange filing Tuesday. The planned sale follows the collapse of Toys ‘R’ Us U.K. and electronics retailer Maplin in February.