House of Fraser in Administration

[oldcolner]

BBC says
Department store chain House of Fraser is to appoint administrators after giving up the fight to save the business.
In a statement, it said that talks with investors and creditors had "not concluded in a solvent solution".
House of Fraser employs 17,500 people, including 11,500 concession staff.
Its fate was sealed earlier this month, when Chinese firm C.banner pulled out of a rescue deal that would have brought much-needed investment.
House of Fraser said administrators Ernst & Young had confirmed that the business would continue trading, including all stores and offices, while they attempted to complete a sale.
All 59 shops are set to open as usual on Friday, including 31 that have already been earmarked for closure as part of a restructuring agreement.

[oldcolner]

Mike Ashley buys it for £90m.

Ashley, who already owned 11 per cent of the business, bought the its remaining 28 shops, all the stock and the brand for £90million.

Price of a striker!!


http://www.dailymail.co.uk/news/arti...se-Fraser.html

Will be quids in if he just sells the shops and the stock.

House of Fraser mugs anyone?

[Altobelli]

"Sources said that Mr Ashley will now begin the process of turning some House of Fraser stores into Sports Direct outlets and rebrand others under the Flannels fascia".

Mmm, not sure I like the above idea, Philip Day, the billionaire owner of Edinburgh Woollen Mill offered £10 Million more than Ashley but accountancy giant EY, which was overseeing the process, opted for Mr Ashley's offer, again this seems very odd without knowing the ins and outs of it all.

[The Bedlington Terrier]

Bung is spelt B U N G Alto!