Sports Direct, the sportswear chain controlled by Mike Ashley, has swooped on House of Fraser in a £90m rescue deal that secures 17,000 jobs for the time being.
In a statement to the stock exchange, Sports Direct confirmed it had bought the retailer for £90m in cash, shortly after it fell into administration on Friday morning.
“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,” it said.
The House of Fraser department store chain was put into administration after late night talks with its creditors failed to provide a better option.
It is understood that all stores will come under Sports Direct’s control and all staff are being transferred on the same employment terms and conditions. However, Ashley’s plans for the business are not clear and it may be that some stores close in the future.
For more read the full of article at The Guardian
