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.
