Trou­bled UK re­tailer House of Fraser snapped up by sports chain

Daily Mirror (Sri Lanka) - - SPORTS -

House of Fraser, the Chi­nese-owned UK depart­ment store chain, en­tered ad­min­is­tra­tion yes­ter­day only to be swiftly snapped up by re­tailer Sports Di­rect for £90 mil­lion (US$115 mil­lion, 100 mil­lion euros).

The 169-year-old com­pany joined a string of ma­jor Bri­tish re­tail­ers who have fallen vic­tim to fierce on­line competition, ris­ing busi­ness rates and stretched house­hold bud­gets amid Brexit un­cer­tainty. House of Fraser, which has depart­ment stores dot­ted across Bri­tain and Ire­land, cur­rently em­ploys about 17,500 staff but 6,000 jobs were al­ready on the chop­ping block in an over­haul that had been un­veiled in June.

Shortly af­ter it re­vealed it would be ap­point­ing ad­min­is­tra­tors, Sports Di­rect an­nounced it had ac­quired al­most all the busi­ness and as­sets for £90 mil­lion.

“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,” the firm said in a state­ment to the London Stock Ex­change.

Sports Di­rect owner Mike Ash­ley al­ready had an 11 per­cent stake in the depart­ment store chain, and also has stakes in ri­vals such as Deben­hams and French Con­nec­tion.

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