August 10, 2018 / 9:13 AM / 2 months ago

Sports Direct buys House of Fraser from administrators for £90 million

LONDON (Reuters) - British sportswear retailer Sports Direct (SPD.L) has acquired the business and assets of House of Fraser [HFPLC.UL] from the department store group’s administrators for 90 million pounds, it said on Friday.

FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, arrives at the company's AGM, at the company's headquarters in Shirebrook, Britain, September 7, 2016. REUTERS/Darren Staples/File Photo

Earlier on Friday, House of Fraser had fallen into administration, a form of creditor protection, after talks with investors and creditors failed to find “a solvent solution” for the business.

Reporting by James Davey; editing by Alistair Smout

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