House of Fraser is to get a new owner after calling in administrators Friday. A fast deal to buy a slimmed-down version of the chain had been on the cards with news Friday that retail tycoon Mike Ashley is now in charge.
With HoF rumoured to be close to collapse, it has emerged that the retailer is in emergency talks on a funding deal with several parties and Sports Direct tycoon Mike Ashley is a key figure in the negotiations.
A big hit from Debenhams' problems dented the bottom line at Sports Direct in the latest year but the company said its elevation strategy is on course and its premium fashion ops, including Flannels, were stronger.
House of Fraser's lenders have thrown it a lifeline with a conditional financing deal that is dependent on its CVA being voted through and on the £70 million cash injection from its future majority owner C.Banner.
A minority shareholder of Britain’s House of Fraser, Sports Direct, is suing the department store chain to gain access to its business plan, after House of Fraser announced a major restructuring this week.
The prospects are looking grim for House of Fraser with news that the struggling retailer has called in advisors to look at its restructuring options, which means store closures could be on the horizon.
JD Sports is riding high at the moment and that’s making it acquisition-hungry. The latest? US-based The Finish Line, with the company having entered a conditional (and game-changing) deal to buy it at the weekend.
House of Fraser’s Chinese owner is planning to sell its majority stake in the under-performing department store chain to another Chinese entity, it confirmed on Tuesday. But it will keep a large holding in the retailer.