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Sports Direct buys House of Fraser

Rackhams House of Fraser in Skipton

8:16am 10th August 2018
(Updated 10:33am 10th August 2018)

Sports Direct, owned by billionaire Mike Ashley, has agreed to buy House of Fraser for £90m in cash.

The businessman - who also owns Newcastle United - hasn't confirmed whether the planned closures of 31 stores will still go ahead - including Rackhams in Skipton.

House of Fraser went into administration earlier today (Friday) after talks between the retailer and its creditors failed.

All of its shops are open as usual today.

House of Fraser employs 17,500 people, including 11,500 concession staff.

Mr Ashley's deal ends the tussle for the chain amid as an unprecedented list of high street names battle to avoid collapse.

So far this year, Maplin, Poundworld and Toys R Us UK have all fallen into administration, triggering about 10,000 job losses.

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