House of Fraser will be transformed into the ‘Harrods of the high street’ says new owner

Sports Direct’s controversial owner Mike Ashley promised to turn House of Fraser into the “Harrods of the high street”, after his group announced the acquisition of the ailing department store chain for £90m on Friday.

Sports Direct International plc made a statement to the London Stock Exchange last week that it has bought all of the UK stores of House of Fraser and all of the stock in the business.

House of Fraser said earlier this year that it planned to close 31 of its 59 stores, with the loss of more than 6,000 jobs.

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The acquisition by Sports Direct could preserve more stores than House of Fraser was able to commit to.

“We will do our best to keep as many stores open as possible. It is vital that we restore the right level of ongoing relationships with the luxury brands,” Mr Ashley said.

“Our deal was conservative, consistent and simple. My ambition is to transform House of Fraser into the Harrods of the high street,” he added.

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