House of Fraser is seeking to slash rents of some of its UK outlets, it has been confirmed.

The department store chain has contacted an undisclosed number of the owners of its 59 stores to ask for a substantial reduction in rent bills, reports Sky News.

The news comes just weeks after House of Fraser had its credit rating downgraded by investor agency Moody’s following three consecutive quarters of poor financial results due to both challenging market conditions and company specific factors, notably disruption caused by the launch of a new web platform and underperformance in own brands.