Chinese owner to offload its majority stake in troubled House of Fraser
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London
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 United Kingdom's shopping streets.
Nanjing Xinjiekou Department Store Co will sell its 51 per cent holding to a tourism development company named Wuji Wenhua, according to a Chinese stock exchange filing on Tuesday. The planned sale follows the collapse of Toys 'R' Us UK and electronics retailer Maplin in February.
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