House of Fraser went into administration today after talks between the retailer and creditors failed to reach an amicable agreement. Following which Mike Ashley’s Sports Direct stepped in to agree a £90m deal.
All of the 59 stores will open as normal, including the 31 that had been chosen for closure of which Lincoln’s high street store had been earmarked.
Sports Direct said: “The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all the stock of the business.”
Mike Ashley already owned an 11% stake in House of Fraser as well as close to 30% in Debenhams who are the largest direct competitor.