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10/08/2018
Sports Direct Buys House Of Fraser For £90m
Sports Direct, owned by Mike Ashley, has acquired 59 of the House of Fraser stores in the UK for £90 million.
The deal was announced just after the chain went into administration after talks with creditors fell through.
In a statement Sports Direct said: "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."
Mr Ashley has held an 11% stake in the business since 2014, and also owns close to 30% of Debenhams.
House of Fraser employs more than 17,000 people across the UK.
(CD/CM)
The deal was announced just after the chain went into administration after talks with creditors fell through.
In a statement Sports Direct said: "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."
Mr Ashley has held an 11% stake in the business since 2014, and also owns close to 30% of Debenhams.
House of Fraser employs more than 17,000 people across the UK.
(CD/CM)
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