With increasing rents, business rates, Brexit and the continued rise of the internet competitors, High Street retailers are in a fight to survive.
One of the ways in which many of the well-known ‘household’ names are trying to avoid disappearing from the High Street, is by down-scaling operations. Headlines about store closures are no commonplace and in recent days, House of Fraser has announced 31 potential store closures (including its London Flagship store) with potentially 6,000 job losses.
In circumstances where an employee is made redundant by its employer, they may be offered a “Settlement Agreement”. A Settlement Agreement is essentially a contract for the employee to receive an enhanced financial package on leaving in exchange for various promises, one of which will be not to sue the former employer. One of the key features of a Settlement Agreement is that independent legal advice must be taken in order for it to be valid.