House of Fraser bought by Sports Direct for £90m

House of Fraser bought by Sports Direct for £90m

House of Fraser storeImage copyright
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Mike Ashley’s Sports Direct has agreed to purchase the House of Fraser division retailer chain for £90m.

Earlier on Friday, House of Fraser went into administration after talks between the retailer and its collectors failed to succeed in an settlement.

All of its 59 retailers have been set to open as typical on Friday, together with the 31 that had already been marked for closure.

House of Fraser – which started buying and selling 169 years in the past – employs 17,500 folks, together with 11,500 concession workers.

Sports Direct said in a statement: “The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.”

Mike Ashley already held an 11% stake within the division retailer chain.

Earlier on Friday, House of Fraser had gone into administration after rescue talks had “not concluded in a solvent solution”.

However, the corporate hinted deal to purchase the group was shut, noting that, “significant progress has been made towards completing a sale of the group’s business and assets”.

Earlier this month, Chinese agency C.banner pulled out of a rescue deal.

Before that, House of Fraser had agreed a Company Voluntary Arrangement (CVA) with its collectors, underneath which might have closed 31 shops, placing 6,000 jobs in danger.

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