Aug 13, 2018

House of Fraser administrators defend Sports Direct sale

House of Fraser's administrators insisted on Monday that Sports Direct's offer to buy the department store chain was the "Only available offer" to keep the business afloat as further controversy swirled around the sale. Sports Direct, owned by Mike Ashley, sealed an agreement to buy the stores, stock and brand names of House of Fraser last Friday, less than two hours after the 169-year-old company had been placed in administration. "During the course of Thursday, August 9, those parties reduced to one. EY were appointed as administrators on Friday August 10 at approximately 8am and subsequently sold the business and its assets to the Sports Direct at approximately 9am," it said. CBRE, the real estate services firm, said it had been appointed to "Advise Sports Direct on all property-related matters in relation to its recent acquisition of House of Fraser". Under the company voluntary arrangement that House of Fraser had planned before entering administration, the company was to close 31 stores out of 59 early next year.

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