Triumph, a renowned international lingerie brand known for its popular brands like Triumph and Sloggi, is unwavering in its support of struggling retail chain House of Fraser, despite being owed a substantial sum of money. The brand recently had to close all of its six standalone stores in the UK due to financial challenges but is determined to continue its partnership with House of Fraser.
Reports have surfaced that Triumph, along with other suppliers and unsecured creditors, are collectively owed nearly £1 billion as a result of House of Fraser’s financial turmoil. Since the department store chain went into administration and was later acquired by Sports Direct, suppliers are left in a difficult position with uncertain prospects of debt recovery.
Notable brands like Ralph Lauren, Kurt Geiger, Phase Eight, Tommy Hilfiger, and L’Oréal are among those facing significant outstanding debts owed by House of Fraser. Despite this, Sports Direct has no legal obligation to settle these debts from the pre-acquisition period.
A representative from Triumph has confirmed ongoing discussions with Sports Direct, the new owners of House of Fraser, to negotiate a new agreement ensuring the continuation of their partnership. Triumph’s decision to focus on online sales and wholesale ventures, following the closure of its standalone stores in the UK, reflects its adaptable approach to the changing retail landscape.
Despite reporting a decline in revenue and pre-tax profit in recent financial statements, Triumph remains optimistic about the future and is committed to supporting House of Fraser during this challenging time. Sports Direct’s investments in House of Fraser, including the purchase of a building in Glasgow for £95 million, indicate a promising vision for the brand’s future, fueling Triumph’s hope for a long-lasting partnership.
For more information about Triumph and House of Fraser, you can visit their websites: Triumph and House of Fraser.
