Home / Knowledge / News / Apparel/Garments / Sports Direct acquires House of Fraser

Sports Direct acquires House of Fraser

13
Aug '18
Courtesy: British Retail Consortium
Courtesy: British Retail Consortium
Sports Direct International plc, the UK's largest sporting goods retailer, has announced the acquisition of the business and assets of House of Fraser from the administrators of House of Fraser Limited, House of Fraser (Stores) Limited and James Beattie Limited, the House of Fraser group’s main operating companies for a cash consideration of £90 million.

Pursuant to the transaction, Sports Direct has acquired “all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business”, it said in a press release.

Commenting on the acquisition, Helen Dickinson, chief executive of the British Retail Consortium, said, “This is a critical period for the retail industry, caused by a perfect storm of pressures including rising costs and new technology changing how people shop.”

“How much more news like this will it take before the government acts to support retailers by cutting the business rates bill?” she questioned in a press release.

“A two-year freeze in rates increases would be a good place to start,” she suggested.

For the year ended January 28, 2017, the department store company—House of Fraser group—had gross assets of £946.3 million and made £14.7 million net profit. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Bangladesh apparel exports jump 20% in July–Oct 2018

Apparel/Garments | On 19th Nov 2018

Bangladesh apparel exports jump 20% in July–Oct 2018

Readymade garment exports from Bangladesh increased by 20.08 per cent ...

95% Britishers want shopping centres for all: Hammerson

Apparel/Garments | On 19th Nov 2018

95% Britishers want shopping centres for all: Hammerson

As many as 95 per cent of British people feel that shopping centres...

Courtesy: Hyosung

Textiles | On 19th Nov 2018

Hyosung leading global market with creora

Hyosung is leading the global market with ‘creora’, the brand name of ...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Union budget 2018-19 will have positive impact on apparel industry

Md Hanifur Rahman, Aman Group

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Janak Dhamanwala & Sunil Dhamanwala, Jansun

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Mario Ploner,

Mario Ploner

<div>Italian company Tecnomeccanica Biellese specialises in planning and...

Ashish M Amin,

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Igor Chapurin, Chapurin

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search