Aug 10, 2018

House of Fraser bought by Sports Direct 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. 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." Earlier on Friday, House of Fraser had gone into administration after rescue talks had "Not concluded in a solvent solution". House of Fraser had agreed a Company Voluntary Arrangement with its creditors, under which would have closed 31 stores, putting 6,000 jobs at risk.

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