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

Sports Direct buys House of Fraser from administrators for £90 million
FILE PHOTO: Shoppers walk past House of Fraser on Oxford Street in central London, Britain, April 2, 2018. REUTERS/Hannah McKay/File Photo   -   Copyright  Hannah Mckay(Reuters)
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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.

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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