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Sports Direct to turn Glasgow Frasers into 'Harrods of the north' Sports Direct to turn Glasgow Frasers into 'Harrods of the north'
(35 minutes later)
Sports Direct has vowed to create the “Harrods of the north” after clinching a £95m deal to buy Glasgow’s Frasers building in a move that saves 800 jobs.Sports Direct has vowed to create the “Harrods of the north” after clinching a £95m deal to buy Glasgow’s Frasers building in a move that saves 800 jobs.
The sportswear chain controlled by Mike Ashley said it will continue to operate the 350,000 sq ft site as Frasers and will invest in the property to “further elevate and enhance this iconic department store”. The sportswear chain controlled by Mike Ashley said it would continue to operate the 350,000 sq ft site as Frasers and invest in the property to “further elevate and enhance this iconic department store”.
Plans for the revamp are being driven by its House of Fraser brand, which was bought by Sports Direct after collapsing into administration in August. The price paid for the site is more than the £90m paid by Sports Direct for the whole department store chain business. Plans for the revamp are being driven by its House of Fraser brand, which was bought by Sports Direct after it collapsed into administration in August. The price paid for the site was more than the £90m paid by Sports Direct for the whole department store chain business.
The company said it is “great news” for the House of Fraser workforce, including the 800 in-store jobs it says have now been saved. The company said it was “great news” for the House of Fraser workforce, including the 800 in-store jobs it said have been saved.
The site is being bought through Glasgow city council, as the administering authority for the Strathclyde Pension Fund. The deal is set to be completed in January 2020. The site is being bought through Glasgow city council, as the administering authority for the Strathclyde Pension Fund. The deal is expected to be completed in January 2020.
House of Fraser said the “Harrods of the north” vision would be realised with the store continuing to host luxury brand names including Hermes, Christian Louboutin, Prada and Gucci.House of Fraser said the “Harrods of the north” vision would be realised with the store continuing to host luxury brand names including Hermes, Christian Louboutin, Prada and Gucci.
Michael Murray, the head of elevation at Sports Direct, said: “We are overwhelmed and proud to own such an iconic destination. Acquiring the freehold enables us to elevate and invest in the store in order to partner with a broad range of luxury brands in future. This is fantastic news for all parties.”Michael Murray, the head of elevation at Sports Direct, said: “We are overwhelmed and proud to own such an iconic destination. Acquiring the freehold enables us to elevate and invest in the store in order to partner with a broad range of luxury brands in future. This is fantastic news for all parties.”
Susan Aitken, the leader of Glasgow city council, said: “A major investment on this kind of scale is a clear vote of confidence in Glasgow, and credit must also go to hundreds of Frasers staff who are absolutely integral to the business’s success and its enduring popularity with city shoppers.Susan Aitken, the leader of Glasgow city council, said: “A major investment on this kind of scale is a clear vote of confidence in Glasgow, and credit must also go to hundreds of Frasers staff who are absolutely integral to the business’s success and its enduring popularity with city shoppers.
“With the future of this iconic retailer’s Glasgow presence secured, we look forward to the new owners building on its cherished relationship with shoppers and reputation as a valued city employer for almost 170 years.”“With the future of this iconic retailer’s Glasgow presence secured, we look forward to the new owners building on its cherished relationship with shoppers and reputation as a valued city employer for almost 170 years.”
Dave Gill, national officer of Usdaw, the shopworkers union, said: “[The] news that Sports Direct has bought the Glasgow House of Fraser store is positive, but staff are still unclear about the future. They have been frozen out of the discussions so far and are largely hearing about developments through the media. Dave Gill, the national officer of Usdaw, the shopworkers union, said: “[The] news that Sports Direct has bought the Glasgow House of Fraser store is positive, but staff are still unclear about the future. They have been frozen out of the discussions so far and are largely hearing about developments through the media.
“With the management team being dismissed, three stores closing, the future of others not yet settled and no clear business strategy laid out, there are still a great deal of uncertainties for staff, who are key to the success of the company.”“With the management team being dismissed, three stores closing, the future of others not yet settled and no clear business strategy laid out, there are still a great deal of uncertainties for staff, who are key to the success of the company.”
House of FraserHouse of Fraser
Sports Direct InternationalSports Direct International
Mike AshleyMike Ashley
GlasgowGlasgow
Retail industryRetail industry
ScotlandScotland
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