Sports Direct strikes £90m House of Fraser rescue deal

Shoppers outside House of Fraser

Full details of Mr Ashley's plans for House of Fraser are yet to be announced.

"In addition, it will be interesting to see how Sport's Direct's multichannel experience could help to turn around House of Fraser's department stores' ill-fate".

Sports Direct International has agreed a deal to acquire all of the United Kingdom stores of House of Fraser, the department store chain's brand and all of the stock in the business.

The move means the company will takeover all the stores, including the one in The Oracle in Reading, Berkshire.

The CVA, which as well as 31 store closures included rent reductions at 10 further locations, was agreed in June, but was subsequently challenged by a cohort of landlords - although this challenge was soon settled by HoF, the dispute was cited by C.banner as a reason for backing away, with the group cancelling a share placing that might have funded the deal.

(Update) Watch the Doom Eternal QuakeCon reveal right here
Bethesda unveiled Doom Eternal with a great teaser trailer, but we've yet to see the sequel in action. Don't worry though - if you have enough trouble with Doom's AI demons, you can turn off invasions.

The British retailer said that the business would continue trading, while administrators Ernst & Young would attempt to complete a sale.

The announcement came just two hours after the formal court hearing to put House of Fraser into administration.

"All stores will be open for business as usual today".

The department store chain, with a branch in Worcester's Crowngate, said discussions between interested investors and its main creditors did not conclude in a "solvent solution" and it has no choice but to appoint administrators.

In administration, Ashley will be able to choose which parts of House of Fraser he wants and those parts he does not.

Ben Stokes just wanted 'a good night' on evening of nightclub scuffle
Another showed him walking away from the nightclub, in which Stokes said he was "looking at the night's sky" and talking to God. Stokes denied being out on a "mission" and said what he wanted that evening was a "good night" with his England teammates.

Potentially nodding to Mike Ashley's rumoured interest, House of Fraser chief executive Alex Williamson had said: "We are hopeful that the current negotiations will shortly be concluded". It's hoped that the rescue deal will save a significant number of jobs.

But it had the benefit of giving those workers six months to try and find new jobs.

As part of a deal, Chinese retailer C.banner would have taken a 51% share in the firm.

The accelerating pace of the crisis was made plain on Thursday when the beleaguered department store chain revealed that it had to secure funding before August 20 as crunch talks with potential rescuers continued. "The demise of House of Fraser in many ways has been the result of poor leadership, paralysis in innovation and crippling levels of debt", Mr Lim added.

Torchlight Series Returns After Six Years With ‘Torchlight Frontiers’
Despite the closure, Perfect World promised it was "committed to supporting and growing Runic Games' beloved franchises". It makes you wonder why Runic Games was even shuttered if this new studio is basically the same team.

Related News:



Most liked

Magic will host Bulls, Jazz in Mexico City in December
The NBA regular season schedule is expected to be released by the end of this week. This year, on December 13 and December 15, the league will play two more.

WikiLeaks says Senate panel seeks interview with founder Assange
Stolen emails, many politically damaging to Clinton, appeared on WikiLeaks in the campaign's final stretch. The committee is investigating alleged Russian interference in the 2016 election.

IKEA in Hyderabad: First Day Review
IKEA opened its first store in Hyderabad on Thursday, kicking off its retail journey in India. An Indian girl checks furniture at the new IKEA store in Hyderabad on Aug 9, 2018.

NASA counts down to launch of first spacecraft to "touch the sun"
Nasa says the TPS has been tested to withstand up to 1,650C temperatures and "can handle any heat the sun can send its way". The mission Sun's outer atmosphere, or corona, the closest any man-made instrument has ever got to a star.

White House: Omarosa Book 'Riddled with Lies and False Accusations'
The White House is hitting back at former aide Omarosa Manigault-Newman, claiming her forthcoming anti-Trump book is full of "lies" while dismissing her as "disgruntled".

Wayfair Launches First-Ever Mixed Reality Commerce Experience with Magic Leap
Grordbort's Invaders is an action game involving invading evil robots, developed with Weta Workshop. To be part of the Magic One ecosystem, developers can sign up for the Magic Leap Creator Portal .

Samsung Galaxy Home, Powered by Bixby and AKG Speakers, Now Official
Since then, Samsung has subjected its phones to multiple inspections, including X-rays and stress tests at extreme temperatures. Yes, only by 2mm, but that's still a wider grip that hands have to deal with on an already-large phone.

Australian MPs inundated with requests for free portraits of the Queen
The scheme was revealed in a Vice article published on August 8 that told readers they could email their MP to request a picture. The Queen is Australia's head of state and is represented by Governor-General of Australia in Canberra, now Sir Peter Cosgrove.

Police asked about Zach Smith domestic violence calls
Zach Smith was sacked at the end of July when college football reporter Brett McMurphy brought the allegations to light. The story has reportedly been corroborated by Courtney Smith's mother.

Kylie Jenner’s Baby Stormi Is Basically A Model Already & She's Beyond Cute
Then, she switched to a more comfortable, biker-bedazzled pink jumpsuit that featured shorts. The makeup mogul also donned long blonde locks that were slicked back into a ponytail.

Men escape nursing home for Wacken? What really happened
After speaking with police, the men eventually "willingly" agreed to leave in the taxi, which was followed by a patrol auto . On Sunday, we picked up the story from Deutsche Welle that first reported the geriatric German headbangers.

Features of electronic giant’s first smartwatch revealed — Samsung Galaxy Watch
In the USA , the Galaxy Watch LTE version will be available through AT&T, T-Mobile, Sprint and Verizon as well as at Samsung. It has wireless charging, IP68 water and dust resistance, a headphone jack.no notch, a great stylus, and so much more.

Seeking new growth drivers, Samsung plans $22B spending on new tech
Through such investments, Samsung plans to foster AI, 5G, biotechnology and electronic components as key future growth engines. The numbers being proposed are much higher than the 25,000 the company hired in the recent three years.

Danny Ings' Move From Liverpool To Southampton On Track
However, Southampton would be able to offer him more regular football and Ings would be a fitting addition at the St Mary's Stadium.

Rare "Firenado" Erupts As Firefighters Battle Factory Blaze
While fighting a massive blaze on Tuesday, Leicestershire Fire and Rescue in England caught video of what it dubbed a "firenado". David Meredith, 74, who co-owns the firm, said the fire started after midnight when three people were still in the factory.