BRITISH RETAIL
Sports Direct snaps up struggling House of Fraser for £90m
London — House of Fraser, the Chinese-owned UK department store chain, entered administration on Friday only to be swiftly snapped up by retailer Sports Direct for £90m. The 169-year-old company joined big British retailers who have fallen to fierce online competition, rising business rates and stretched household budgets amid Brexit uncertainty. House of Fraser, which has department stores across Britain and Ireland, employs about 17,500 staff, but 6,000 jobs were already on the chopping block in an overhaul that had been unveiled in June. Shortly after it revealed it would be appointing administrators, Sports Direct announced it had acquired almost all the business and assets for £90m. "The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business," the firm said in a statement to the London Stock Exchange. Sports Direct owner Mike Ashley already had an 11% stake in the department store chain, and has stakes in rival...
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