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Mike Ashley Pays 90 Million Pounds for Bankrupt House of Fraser

Mike Ashley Pays 90 Million Pounds for Bankrupt House of Fraser

Mike Ashley Pays 90 Million Pounds for Bankrupt House of Fraser
August 10
14:48 2018
Booking.com



LONDON — Sports Direct boss Mike Ashley has agreed to purchase the business and assets of British retailer House of Fraser, which was placed into bankruptcy protection — for a few hours — on Friday morning. Ashley is paying 90 million pounds for all of HoF’s U.K. stores, the brand and the stock, Sports Direct has confirmed.
Early Friday morning, Britain’s House of Fraser sought bankruptcy protection after talks to find a new investor failed. The controversial retail tycoon Ashley was widely tipped to seal a last-minute deal once HoF was placed into administration, the U.K. equivalent of Chapter 11.
Cash-strapped House of Fraser, which had been scrambling since the start of August to find an investor, said in a statement to the Luxembourg Stock Exchange early Friday that its discussions with interested investors and its main secured creditors had not concluded in a “solvent solution.”
As a result, the directors of the group’s operating companies sought the appointment of administrators. Ernst & Young LLP was named shortly after 7 a.m., with the HoF statement adding they would likely conclude a transaction shortly.
Three bidders tabled offers this week for the cash-strapped HoF, which saw its potential buyer, the Chinese company C.banner, pull out of

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