House of Fraser’s London flagship store on Oxford Street has been saved from closure.
The flagship site had been due to close under a company voluntary arrangement (CVA) announced by House of Fraser in June, before it went into administration.
However, the department store’s new owner has agreed revised terms with its landlord, and announced the Oxford Street store shall remain open for the foreseeable future.
Sports Direct founder, Mike Ashley, stepped in to save the department store earlier this month.
At the time the retail mogul said he will do his best to keep as many stores open as possible.
The Oxford Street deal is the first store that has been confirmed as save under the new ownership.
Mike Ashley shares: “We said we would keep as many stores open as possible, and in less than a week we have saved the biggest store.
“Oxford Street was meant to close in January and now it’s safe, which is great news for all parties. Everyone must remember it was a bust business and we need landlords, councils and brands to pull together to save House of Fraser on the high street.”
It is believed Mike Ashley plans to rescue 80% of the department store’s network.