Sports Direct to prevent sinking UK retail House of Fraser:

It was not unexpected but an other plunge of a retail in recent time and was also predicted moment House of Fraser announced to closed down its flagship store from London, few outlets to shut down and Head office to shift to Scotland from London all these were assumed the signs of either being acquired by some giant or merger could be the possible option hence Sports Direct CEO heads down and announced

House of Fraser has 59 stores across the UK and Ireland, including 31 already earmarked for closure, and employs 17,500 people. The House of Fraser store in Dublin was not included in the deal.

The group announced in June that it was shutting down a raft of stores, putting 6,000 jobs at risk, after the costs of running its store network had become “unsustainable”.

Mike Ashley’s Sports Direct has bought department store chain House of Fraser, which collapsed into administration on Friday morning.

The discount sports retailer paid £90m in cash to buy the high street department store chain, which includes all its UK stores, the branding and all of its stock.

The group announced in June that it was shutting down a raft of stores, putting 6,000 jobs at risk, after the costs of running its store network had become “unsustainable”.

On Friday, administrators from EY were called in, and reports emerged that the Sports Direct founder, who also owns Newcastle United football club, was close to buying all or part of the retailer. The deal was confirmed hours after House of Fraser collapsed.

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