House of Fraser bought by Sports Direct for £90m

House of Fraser bought by Sports Direct for £90m

House of Fraser bought by Sports Direct for £90m

MIKE Ashley's Sports Direct will attempt to keep as many House of Fraser stores open as possible following a £90 million rescue of the ailing retailer.

House of Fraser took over many smaller department stores like Dickins & Jones, DH Evans and Army & Navy but in doing so, it killed diversity of High Streets and failed to replace these brands with a unique product of its own.

The stores in Yorkshire that are set to close under the Company Voluntary Arrangement, which will require approval from creditors who will make their decision on June 22, are Grimsby, Doncaster, Hull and Skipton.

When it did open, a customer who tried to use a £100 gift voucher at the store said she had it declined.

House of Fraser in intu Chapelfield, Norwich.

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The rescue sees the United Kingdom high street sportswear chain acquire the business and assets of House of Fraser from the administrators including its House of Fraser stores, the House of Fraser brand and all of the stock in the business.

The billionaire has held an 11% stake in the business since 2014 and also owns nearly 30% of Debenhams, its main rival.

The failure of House of Fraser followed the collapse in the UK this year of Toys R Us UK, electricals group Maplin, drinks wholesaler Conviviality and discount retailer Poundworld, which was bought by an Irish retailing family on Thursday.

The acquisition by Sports Direct could preserve more stores than House of Fraser was able to commit to.

"I picked a pair of shoes but a member of staff said "I'm sorry but we can't accept it as we have gone into administration".

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House of Fraser at the time say they were encouraged by the fact that so many global retailers opened in Dundrum which they add offered the right size of store.

Chief executive Alex Williamson said: "We are hopeful that the current negotiations will shortly be concluded". The combination of both businesses will yield some vital cost-saving synergies while it's likely that some of the struggling House of Fraser sites will be rebranded to Sports Direct.

But it had the benefit of giving those workers six months to try and find new jobs.

House of Fraser's lenders, which include HSBC, are now locked in talks with would-be suitors, including tracksuit tycoon Mike Ashley and Philip Day, the billionaire owner of Edinburgh Woollen Mill.

Yet many of House of Fraser's creditors objected to the plan.

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