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House of Fraser bought by Sports Direct for £90m | House of Fraser bought by Sports Direct for £90m |
(35 minutes later) | |
Mike Ashley's Sports Direct has agreed to buy the House of Fraser department store chain for £90m. | Mike Ashley's Sports Direct has agreed to buy the House of Fraser department store chain for £90m. |
Earlier on Friday, House of Fraser went into administration after talks between the retailer and its creditors failed to reach an agreement. | Earlier on Friday, House of Fraser went into administration after talks between the retailer and its creditors failed to reach an agreement. |
Its 59 shops were expected to open on Friday, including the 31 that had already been marked for closure. | |
House of Fraser - which began trading 169 years ago - employs 17,500 people, including 11,500 concession staff. | House of Fraser - which began trading 169 years ago - employs 17,500 people, including 11,500 concession staff. |
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." | 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 in the department store chain. | Mike Ashley already held an 11% stake in the department store chain. |
Mr Ashley's plans for the stores chain are not clear, but could include rebranding some stores as Sports Direct. | |
Previously he had said he wanted to turn the sporting goods fashion chain, which he founded in 1982, into "the Selfridges of sport". | |
As well as 750 Sports Direct stores, Mr Ashley has investments in Debenhams and French Connection and owns the clothing chain Flannels. | |
Earlier on Friday, House of Fraser had gone into administration after rescue talks had "not concluded in a solvent solution". | Earlier on Friday, House of Fraser had gone into administration after rescue talks had "not concluded in a solvent solution". |
Other contenders to take over the store chain included Mike Ashley's retail rival Philip Day, who owns the Edinburgh Woollen Mill chain, Jaeger and Austin Reed. | |
Earlier this month, Chinese firm C.banner pulled out of a rescue deal. | Earlier this month, Chinese firm C.banner pulled out of a rescue deal. |
Before that, House of Fraser had agreed a Company Voluntary Arrangement (CVA) with its creditors, under which would have closed 31 stores, putting 6,000 jobs at risk. | Before that, House of Fraser had agreed a Company Voluntary Arrangement (CVA) with its creditors, under which would have closed 31 stores, putting 6,000 jobs at risk. |