British Chain Store Sanmen Group Failed To Fulfill Its Original Promise.

Britain says it has acquired a 166 year old British chain.

House of Fraser's China Sanpower group (Group) failed to achieve its original commitment.

In 2014, the three cell groups involved in retail and real estate acquired shares in House of Fraser89%, which traded at about 450 million pounds (about 4 billion 270 million yuan), which was the largest paction for Chinese enterprises to acquire overseas retail companies at that time.

Yuan Yafei, chairman of the three cell group, said at the time that he would not only go to this family.

Capital injection is also planned to be introduced into Russia, the Middle East and China.

Yuan Yafei said China

The shopping center will be named "Oriental Fred" and plans to open up to 50 stores.

The flagship store, which was originally launched in Nanjing in April, still has no signs of opening shops. It is said that the opening time of the store will be delayed until the end of this year.

According to three people familiar with the matter, the three cell group also failed to provide the expected capital injection of 75 million pounds (712 million yuan), but renamed some of the existing property as "Oriental Fred".

The group also replaced the management of House of Fraser, according to people familiar with the matter.

At that time, CEO John John (King) and chief financial officer and chief customer officer resigned one after another.

Frank Slavin, a former Hongkong resident (HSBC Frank), took over as chairman of the board in early 2015, Frank Slevin.

It is reported that the conflict between the original management and the Chinese management in terms of capital and the style and presentation of "Oriental Fred" brand.

At the time of acquisition, the original management of House of Fraser hopes to open up a new prospect in China with the new retail concept.

However, Yuan Yafei said he had no money to make such a new department store, and only wanted to upgrade some of the original businesses.

Sanbao Group Co., Ltd. is headquartered in Nanjing, Jiangsu province. It was founded in 1993. It has many listed companies including 600122.SH, Nanjing new 100 (600682.SH), Mcglaughlin (NASDAQ:MCOX), Wan Wei International (0167.HK), and Jinpeng Yuan Kang (new third board 430606).

The first store of House of Fraser was founded in Glasgow, Scotland in 1849, and now has more than 60 stores in the United Kingdom and Ireland.

In the past 30 years, the retailer has changed hands many times, through the Fayyad family (Al-Fayed), the public listing and the Iceland investment group Baugur (bankruptcy during the financial crisis of 2008).

At present, the global traditional retail industry has been hit by e-commerce channels, including Macy\\\'s and Nordstrom in the United States, and so on. House of Fraser started to try online business as early as 2007, but it was also hard to be independent of Messi.

Although the two digit online sales growth and revenue growth also increased, the company recorded a deficit for fifth consecutive years in 2015 under the weight of the debt refinancing cost of 300 million pounds (2 billion 848 million yuan).

Frank Slavin, chairman of House of Fraser (Frank Slevin) refutes the argument that her company is suffering from the new owners.

He believes that the development of the company is strong, and its development in Britain and China is on track.

He declined to comment on any capital expenditure commitments before he joined the company in early 2015.

Three shareholders and another shareholder holding the remaining shares declined to comment on the related issues.

Today, House of Fraser may be sold again.

C.banner International has said it is considering acquiring the company's stake.

It bought a 256 year old British Toy retailer, Hamleys, at the end of last year.

According to people familiar with the possible deal, the plan is to acquire House of Fraser stake in the company, and to acquire shares of the company.