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| House of Fraser's flagship London store saved | House of Fraser's flagship London store saved |
| (35 minutes later) | |
| House of Fraser's flagship Oxford Street store will now stay open after the chain's new owner agreed revised terms with its landlord. | |
| The store had been due to close under a restructuring plan that House of Fraser announced in June. | The store had been due to close under a restructuring plan that House of Fraser announced in June. |
| However, the department store group fell into administration earlier this month, and was bought by Mike Ashley's Sports Direct. | However, the department store group fell into administration earlier this month, and was bought by Mike Ashley's Sports Direct. |
| The deal is the first covering a House of Fraser store since the takeover. | The deal is the first covering a House of Fraser store since the takeover. |
| The store was one of the 31 earmarked for closure under the CVA restructuring deal that was first struck before Mr Ashley stepped in with his £90m rescue bid. | The store was one of the 31 earmarked for closure under the CVA restructuring deal that was first struck before Mr Ashley stepped in with his £90m rescue bid. |
| His plan is to keep 80% of House of Fraser's 59 stores across the UK open. A spokesperson said they were working through the list on "a store-by-store basis". | |
| Property giant CBRE, which is advising Sports Direct, said negotiations over the Oxford Street outlet had been conducted at "great speed". | Property giant CBRE, which is advising Sports Direct, said negotiations over the Oxford Street outlet had been conducted at "great speed". |
| James Keany from CBRE said: "This deal only happened because all parties realised it was better to keep the store open and fully operational. | James Keany from CBRE said: "This deal only happened because all parties realised it was better to keep the store open and fully operational. |
| "It was a real case of landlord and tenant genuinely working together and at great speed. Everyone was sensible about the terms of the transaction." | "It was a real case of landlord and tenant genuinely working together and at great speed. Everyone was sensible about the terms of the transaction." |
| Jobs threat | Jobs threat |
| Mike Ashley's Sports Direct bought the chain just hours after it went into administration earlier this month. | Mike Ashley's Sports Direct bought the chain just hours after it went into administration earlier this month. |
| This means it is not legally obliged to pay suppliers money owed before its £90m buyout, as their debts were part of the administration. | This means it is not legally obliged to pay suppliers money owed before its £90m buyout, as their debts were part of the administration. |
| Mr Ashley has said he intends to turn the chain into the "Harrods of the High Street". | Mr Ashley has said he intends to turn the chain into the "Harrods of the High Street". |
| On Monday, it was revealed more than 600 jobs were under threat at two House of Fraser warehouses which supply deliveries to stores and customers. | On Monday, it was revealed more than 600 jobs were under threat at two House of Fraser warehouses which supply deliveries to stores and customers. |
| The GMB union said 627 staff at the two warehouses were told on Friday that they were at risk of redundancy. | The GMB union said 627 staff at the two warehouses were told on Friday that they were at risk of redundancy. |
| XPO Logistics operates the sites, in Northamptonshire and Buckinghamshire. Last week, it stopped processing orders due to a payment dispute, forcing the retailer to cancel and refund all online orders. | XPO Logistics operates the sites, in Northamptonshire and Buckinghamshire. Last week, it stopped processing orders due to a payment dispute, forcing the retailer to cancel and refund all online orders. |
| The company was thought to be owed £30.4m by House of Fraser when it fell into administration, according to administrator EY, but sources close to the the warehouse operator say it is owed around £12m. | The company was thought to be owed £30.4m by House of Fraser when it fell into administration, according to administrator EY, but sources close to the the warehouse operator say it is owed around £12m. |
| XPO Logistics is one of a number of suppliers that have been left out of pocket. In total, EY has estimated suppliers are owed £484m. | XPO Logistics is one of a number of suppliers that have been left out of pocket. In total, EY has estimated suppliers are owed £484m. |