HOUSE Of Fraser will push ahead with a plan to close nearly half of its 59 stores in a desperate bid to stave off administration.

The move is expected to put 6,000 jobs at risk by axing 39 outlets by January 2019 to solve a legal dispute with landlords.

They argued a plan to slash rents on remaining stores was unfair to them.

Last night the firm said it is “focused on concluding discussion with interested investors” after an out of court settlement with its landlords, who had opposed the move.

If House of Fraser does not find a fresh backer to secure its future it could plunge into administration - putting all 17,000 jobs at risk.

Last week a rescue bid from Chinese retail giant C. Banner was axed at the 11th hour after a slump in its share price.

In a statement, the firm admitted their plan had “been rendered impracticable and inadvisable, and therefore no longer intend to proceed with the placing.”

Accountancy firm EY is on standby in case a new deal with another buyer can't be reached and the firm goes under.

The struggling retailer said it was in discussions with alternative investors and “exploring options to obtain the required investment on the same timetable”.

Mike Ashley, who launched Sports Direct, is said to be one of those interested in buying the struggling firm - but talks are at an early stage.

The company added in a statement: "Discussions are ongoing and a further announcement will be made as and when appropriate".

House of Fraser is struggling to borrow to pay bills because its finances are said to be "tantamount to default".

There are fears the company will be unable to stock its current 59 stores and there are also concerns about its £120million pension scheme.

It's the latest blow to the high street as retailers struggle with rising business rates, competition from online rivals and a slowdown in consumer spending.

Earlier this year, two of the country's largest retailers, Toys R Us and Maplin collapsed putting thousands of jobs at risk.

Last month, Mothercare announced it will shut 60 stores, leading to the loss of hundreds of jobs.

It follows similar moves taken by New Look and Carpetright, which are expected to close 60 and 92 stores respectively, putting hundreds of jobs at risk.