Sports Direct snaps up ailing UK retailer House of Fraser

Pedestrians walk past the House of Fraser department store on Oxford Street in London, Friday, Aug. 10, 2018. British retailer Sports Direct said Friday that it has bought struggling department store chain House of Fraser, just hours after the 169-year-old business went into administration. (AP Photo/Frank Augstein)
A woman walks past the House of Fraser department store on Oxford Street in London, Friday, Aug. 10, 2018. British retailer Sports Direct said Friday that it has bought struggling department store chain House of Fraser, just hours after the 169-year-old business went into administration. (AP Photo/Frank Augstein)
Pedestrians walk past the House of Fraser department store on Oxford Street in London, Friday, Aug. 10, 2018. British retailer Sports Direct said Friday that it has bought struggling department store chain House of Fraser, just hours after the 169-year-old business went into administration. (AP Photo/Frank Augstein)
The logo of the House of Fraser department store on Oxford Street in London, Friday, Aug. 10, 2018. British retailer Sports Direct said Friday that it has bought struggling department store chain House of Fraser, just hours after the 169-year-old business went into administration. (AP Photo/Frank Augstein)
The entrance of the House of Fraser department store's headquarters in London, Friday, Aug. 10, 2018. British retailer Sports Direct said Friday that it has bought struggling department store chain House of Fraser, just hours after the 169-year-old business went into administration. (AP Photo/Frank Augstein)

LONDON — British retailer Sports Direct said Friday that it has bought struggling department store chain House of Fraser after the 169-year-old business went into administration.

In an announcement to the London Stock Exchange, Sports Direct said it has acquired House of Fraser's British stores, the brand and all of the stock in the business for 90 million pounds ($115 million).

The news came hours after House of Fraser said it was calling in administrators after discussions between investors and creditors failed to offer a "solvent solution." The decision put 17,000 jobs at risk.

Financial firm EY had been expected to be appointed administrator on Friday.

One of Britain's best-known high street names, House of Fraser has struggled in the era of discount stores and online shopping.

Its most recent crisis began when C.banner, the Chinese owner of Hamleys toy store, pulled its investment. It had been planning to buy a 51 percent stake and pump 70 million pounds ($89 million) into the chain, but pulled out last week.

Must Read

Sept. 11 memorial motorcycle ride ending on a...

Aug 10, 2016

Leaders of a massive, annual motorcycle procession to the three Sept. 11 crash sites say this...

Texas deputy fatally shot at his home was facing...

Aug 10, 2016

A Texas sheriff's deputy who was killed by a bullet from his own gun outside his home late last...

Prince Fielder emotional as he ends career after...

Aug 11, 2016

Prince Fielder says it will be tough not be able to play again after having to walk away from the...

David Ortiz limps off after fouling ball off...

Aug 11, 2016

Red Sox star David Ortiz left a game against the New York Yankees in pain after fouling a pitch off...

Experts say white supremacists see Trump as 'last...

Aug 11, 2016

Legal and civil rights experts say Republican presidential candidate Donald Trump's campaign is...

Sign up now!

About Us

In The Headline sought to bring professionalism back into journalism, bringing you only the most exclusive and the most impactive news from all over the globe.

Contact us: sales[at]intheheadline.com