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  HOME | Business & Economy (Click here for more)

Sports Direct Buys UK Chain House of Fraser for Almost $115 Million

LONDON Sports Direct International PLC said on Friday that it has bought House of Fraser for 90 million pounds ($114.9 million) after the struggling UK department-store chain appointed administrators.

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.

 

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