Sports Direct buys House of Fraser for £90m

Sports Direct has agreed to buy House of Fraser for £90m. The department store chain went into administration earlier the same day after failing to reach an agreement with creditors and investors. House of Fraser has been struggling for some time, and had announced restructuring plans in June that would have seen 31 of its 59 UK stores close down. The Chinese business C Banner looked set to take control and inject £70m into the business, but pulled out of the deal after its share price plummeted. Sports Direct’s owner Mike Ashley already holds an 11% stake in the department store chain. The retail mogul’s plans are unclear, but could include rebranding some stores as Sports Direct.

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