Sports Direct buys UK chain House of Fraser for almost $115 million
A House of Fraser store is reflected in a coffeeshop window in London, Britain, Aug. 2, 2018. EPA-EFE FILE/FACUNDO ARRIZABALAGA
London, Aug 10 (efe-epa).- Sports Direct International PLC said Friday that it has bought House of Fraser for 90 million pounds ($114.9 million) after the struggling UK department-store chain appointed administrators, according to a report from Dow Jones Newswires made available to EFE.
The sports retailer said it has acquired all of the UK stores of House of Fraser, the brand and all of the stock.
For the year ended Jan. 28, 2017, House of Fraser had gross assets of 946.3 million pounds and made 14.7 million pounds net profit.
Earlier on Friday, House of Fraser appointed Ernst & Young administrators after rescue talks with its creditors failed, Dow Jones added in the report supplied to EFE.
By Maryam Cockar