House of Fraser (London) received the official okay to move forward with its plan to close down more than half of its brick-and-mortar fleet.
The closures will not commence until early 2019, at which point the company plans to close 31 of its 59 stores. Among the stores slated to close are the company’s flagship store in London on Oxford Street. It also intends to impose large rent cuts on 10 of the other store locations that remain open, according to the BBC.
The news follows a vote by creditors that agreed to the company’s plan. Had the votes fallen through, the company likely would have fallen into administration. The company hopes that this move will help it overhaul and improve its 169-year-old business.