Mike Ashley outlines ambitions for House of Fraser after take-over

Mike Ashley Director of Sports Direct

Administrators were appointed to the historic retailer this morning.

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

Sports Direct, owned by billionaire Mike Ashley, has agreed to buy struggling high street department store House of Fraser for £90m in cash, it was revealed this morning.

"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".

"It was a challenging transaction to achieve in such a short period of time which will ensure continuity of the business and preserve the goodwill".

If there is a more hopeless business to be in than department stores, it is hard to think of it.

Back in June House of Fraser announced that 31 stores would be closing, impacting around 6,000 jobs.

Читайте также: Kylie Jenner family mural has Scott Disck, not Tristan Thompson

Under the buy-out stores could be re-branded while staff will be transferred over to Sports Direct. The CVA could yet be implemented, but some reports have suggested that some HoF locations could be converted into Sports Direct stores.

Alex Williamson, chief executive of House of Fraser, said: "We are hopeful that the current negotiations will shortly be concluded".

House of Fraser opened at Rushden Lakes almost a year ago on August 24.

Dr Gordon Fletcher of Salford Business School said: "This makes good business sense for Ashley".

The would-be rescuers were told to submit their "best and final offers" yesterday to PwC, which is advising House of Fraser's lenders and bondholders.

House of Fraser is set to fall into administration today, the company has said. That is in a prime location and Ashley seems to want upmarket and inner-city locations. The advantages brought by the warehouses and logistics already managed by this group will be an important key in the recovery of the House of Fraser's fortunes.

"House of Fraser confirms that discussions continue with interested investors and its main secured creditors, which are focused on concluding as quickly as possible to enable receipt of an investment required by no later than 20 August 2018", the group said in a statement on the Luxembourg Stock Exchange. "So House of Fraser may well survive but it might look a bit different under the new regime".

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2019 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related News:

  • Sprint Center announces Drake and Migos concert postponed until Sunday

    Sprint Center announces Drake and Migos concert postponed until Sunday

    The venue said all tickets would still be honored for whatever the new date ends up being; it was not immediately announced. Migos are now at the height of their career while Drake is fresh off the release of his latest album, Scorpion .
    Nasa space probe will aim to `touch´ sun

    Nasa space probe will aim to `touch´ sun

    Thomas Zurbuchen, from NASA's Science Mission Directorate, said: "By studying our star, we can learn not only more about the Sun". The success of the mission was fully investigated for the Spacecraft at Cape Canverell Air Force Station on July 30.
    Celebrities Ivanka Trump Follows on Instagram Launch 'Dear Ivanka' Campaign

    Celebrities Ivanka Trump Follows on Instagram Launch 'Dear Ivanka' Campaign

    Ivanka Trump may have once again found her Instagram feed full of pointed messages from celebrities and influencers she follows. The children were separated as a result of the Trump administration's "zero-tolerance" immigration policies.
  • Ben Stokes trial: Cricketer threw 'several punches'

    Asked whether he was "looking down your nose" at Mr Cunningham, Stokes replied he "might just be looking at the night sky". Stokes was asked about what Ali was doing in the moments before he knocked him out and he said he could not remember.
    NASA ready for trip to the sun

    NASA ready for trip to the sun

    Ultimately, it will find itself within the outermost part of the Sun's atmosphere, an area known as the corona. Image: The spacecraft can withstand enormous heat.
    Facebook brings social AR games to Messenger

    Facebook brings social AR games to Messenger

    Now, the latest update announced by the company comes as a part of this video chat feature for the Messenger . Bancorp "to discuss potential offerings it could host for bank customers on Facebook Messenger ".
  • Arsenal boss Unai Emery: Fans and players must have stronger connection

    Arsenal boss Unai Emery: Fans and players must have stronger connection

    The same when we are thinking defensively , I want our strikers to be thinking: "We need to protect the goalkeepers". In artistic terms Arsenal's players have swapped expressionism for painting by numbers.
    McDonald's offering chance to win McGold Card, free food for life

    McDonald's offering chance to win McGold Card, free food for life

    The victor of the 24-carat gold card will have the option of choosing a cash alternative worth around £780 to spend at the chain. At a ceremony introducing The Gateway Arch in 1965, McDonald's gave out the first McGold Card to the mayor of St.
    Doom Eternal will let you 'invade' another player's campaign

    Doom Eternal will let you 'invade' another player's campaign

    Where can you watch Doom Eternal's Gameplay Reveal? Sounds like an interesting new take on multiplayer. And speaking of environments, well, Doom Eternal is Hell on Earth in the most literal sense.
  • Hurricane Hector threatens Hawaii, John targets Mexico

    Hurricane Hector threatens Hawaii, John targets Mexico

    Hurricane Hector has maximum sustained winds of 130 miles per hour (215 kph) with stronger gusts possible. Higher than usual tides will combine with the large surf to increase the threat of coastal inundation.
    Hasan Minhaj Readies His Netflix Weekly Comedy Debut Arriving October

    Hasan Minhaj Readies His Netflix Weekly Comedy Debut Arriving October

    Thirty-two episodes have been ordered and Netflix has even dropped off a short and sweet teaser to really get you pumped. The weekly show will explore the modern cultural and political landscape with Minhaj's signature depth and sincerity.
    Nintendo Switch Online launches in the second half of September

    Nintendo Switch Online launches in the second half of September

    The wait was long for Nintendo Switch Online but its nearly here after numerous delays. 3, The Legend of Zelda, Dr. For more information about Nintendo Switch Online, please visit the official Nintendo Switch Online website .


Most liked

Virat's love gesture for Anushka is stealing the hearts
Amid the busy schedule, the members of the team and the support staff found time to visit the High Commission. Indian cricket team is on an official England tour, now playing five-match test series against England.

WikiLeaks says Senate panel seeks interview with Assange ZlotoNews
Senate Select Committee request confirms their interest in hearing from Mr Assange", lawyer Jennifer Robinson said in a statement. The email releases have been linked to the alleged Russian conspiracy to influence the election via fake news and other means.

Crowd of 40,000 throng IKEA Hyderabad store on first day
Customers sit at a restaurant inside IKEA's first store in India as it opened in Hyderabad , Thursday, Aug.9, 2018. The crowds resembled queue lines in Tirumala or queue lines at ticket counters of first day of a super-star movie.

Bird electric scooters arrive in Cleveland
Riders can rent a scooter through an app on their smartphone and drop it off anywhere in the city when they are finished. Bird already operates in more than 20 cities across the country, including Cincinnati and Columbus, Ohio.

[H]ardOCP: Magic Leap One Is Available to Creators Starting at $2,295
There isn't a cellular connection available on Magic Leap One. "Power level will be sustained when connected to an AC outlet". Further, the Lightwear glasses have onboard speakers and a 3.5mm headphone jack along with audio spatialisation processing.

Australians are legally entitled to a free portrait of Queen Elizabeth II
The Queen is Australia's head of state and is represented by Governor-General of Australia in Canberra, now Sir Peter Cosgrove. And apparently, Australian citizens have a right to claim a particularly unusual gift from the Queen .

New Disney Princesses' Outfits Revealed For 'Ralph Breaks The Internet'
Ralph director/writer Phil Johnston said about Gadot, "There's so much texture to her voice and so much living in her voice". Reilly as Ralph , and Sarah Silverman as Vanellope, Ralph Breaks the Internet opens in USA theaters on November 21, 2018 .

People in Germany May Start Seeing Nazi Imagery in Some Video Games
Now video games will be given the same treatment as movies: As works of art, they will be exempt from the ban on swastikas. The gaming community have been strong advocates for video games to be treated like films.

Trump doubles tariffs on Turkish steel and aluminum
The lira dropped by over 11 percent in value in one day on Friday morning to almost six lira per dollar. President Donald Trump said he had authorized higher tariffs on steel and aluminum imports from Turkey.

Features of electronic giant’s first smartwatch revealed — Samsung Galaxy Watch
This automatically detects high levels of stress and offers breathing exercises to help keep users cetered and focused. Other perks include new watch faces, Bixby Voice on the wrist, and water-resistance nearly as good as the Gear Sport .

Kanye West Says Liberals Can’t "Bully" Him Out Of Supporting Donald Trump
The outspoken rapper has been widely criticised within the hip-hop community for his support of US President Donald Trump . West , who is married to reality-show star Kim Kardashian West .

Samsung to invest $22 billion in new tech to drive growth
The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan. The announcement sent shares in Samsung's contract drugmaker Biologics and in its IT affiliate SDS up five per cent.

Torchlight series returns with shared-world action-RPG Torchlight Frontiers
But again, it's unclear whether Torchlight Frontiers , the newly announced game, is sticking to series tradition. It was just sleeping, apparently, because today Torchlight Frontiers was announced.

People Getting Plastic Surgery To Look Like Their Snapchat Filters, Says Report
People have done a lot of things in the quest for the flawless selfie, like angling their phone higher or finding the best light. Snapchat dysphoria is also leading people to seek out plastic surgery so that they look better in their selfies specifically.

Fake Donald Trump stars pop up on Hollywood Walk of Fame
The West Hollywood City Council on Monday unanimously approved a resolution seeking the removal of Trump's star. One of the artists spoke anonymously to the Hollywood Reporter about how and why they did it.