HOUSE of Fraser in Altrincham will be the only branch in Greater Manchester set for closure following a massive restructuring of the company's property portfolio.

House of Fraser will close over half of its 59 stores across the UK under the terms of a rescue deal to stave off its financial woes.

The closure of the Stamford Quarter store, a staple of Altrincham's high street for decades, will result in over 45 job losses.

The Altrincham store is expected to shut its doors early next year.

Frank Slevin, Chairman of House of Fraser, said: “The retail industry is undergoing fundamental change and House of Fraser urgently needs to adapt to this fast-changing landscape in order to give it a future and allow it to thrive.

“Our legacy store estate has created an unsustainable cost base, which without restructuring, presents an existential threat to the business.

"So whilst closing stores is a very difficult decision, especially given the length of relationship House of Fraser has with all its locations, there should be no doubt that it is absolutely necessary if we are to continue to trade and be competitive.”

House of Fraser said that without the closures it would not have a “viable future” and that its property portfolio is “unsustainable in its current form”.

Alex Williamson, CEO of House of Fraser, said: “Today’s announcement is one of the most important in this company’s 169-year history. We, as a management team, have a responsibility to take necessary steps to ensure House of Fraser’s survival, which is why we are making these proposals.

“I would like to offer my heartfelt thanks to all my colleagues at House of Fraser for working tirelessly throughout this difficult period. We are fully committed to supporting those personally affected by the proposals.”