WE’LL BE HARRODS OF NORTH
Frasers vow after £95m building is sold
will become the “Harrods of the North” after the store’s Glasgow building was bought for £95million by Sports Direct.
The move will save 800 jobs at the 170-year-old business on Buchanan Street.
Mike Ashley’s firm said they will continue to operate the 350,000sq ft site as Frasers and invest in it to “further elevate and enhance this iconic department store”.
The House of Fraser brand was bought by Sports Direct after collapsing into administration in August.
Sports Direct said it is “great news” for the Frasers workforce. The site is being bought through Glasgow City Council on behalf of its majority owners the Strathclyde Pension Fund.
The deal is due to be completed in January 2020.
House of Fraser said the “Harrods of the North” vision would be realised with the site continuing to sell luxury brands including Hermes, Christian Louboutin, Prada and Gucci. Michael Murray, head of elevation at Sports Direct, said: “We are overwhelmed and proud to own such an iconic destination.
“Acquiring the freehold enables us to invest in the store in order to partner with luxury brands.”
Glasgow City Council leader Susan Aitken said: “A major investment on this kind of scale is a clear vote of confidence in Glasgow.”
PRIME Store occupies corner of Buchanan and Argyle Street