Coast enters into administration after taking hit from House of Fraser collapse
Karen Millen has bought some parts of Coast, including the brand’s website and UK department store concessions
Company
LON:SPD
Frasers Group plc, formerly Sports Direct International plc, is a British retailing group. Established in 1982 by Mike Ashley, the company is the United Kingdom's largest sports-goods retailer and operates roughly 670 stores worldwide.
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Karen Millen has bought some parts of Coast, including the brand’s website and UK department store concessions
A City analyst has told Proactive that the department store's public listing has "had a negative impact" on its turnaround efforts
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The news has sparked speculation that Mike Ashley’s Sports Direct may launch a bid for French Connection
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Pre-tax profit dipped 3.2% to £24.5mln as Ted Baker took a hit from debts owed by troubled department store chain House of Fraser
Tycoon Mike Ashley has called for an investigation into the circumstances of the collapse of House of Fraser
Bonmarche boss Helen Connolly said "these are undoubtedly challenging times in the retail industry"
The Sports Direct owner has agreed on fresh terms at 20 of House of Fraser’s 59 stores, although there are still some which are refusing to budge
Ashley built his fortune on shrewd acquisitions of well-known brands and businesses from distressed sellers and his strategy is almost the same today, albeit slightly more ambitious
Ashley said Sports Direct shareholders had made it extremely challenging for future engagement to take place
Debenhams shares fell 8% after Sports Direct ruled out a bid for the embattled department stores group
Sports Direct’s Simon Bentley told journalists on the sidelines of its AGM that combining House of Fraser and Debenhams “had been discussed” at board level
Three shareholder advisory groups have urged investors to vote against the re-election of Mike Ashley as chief executive and Keith Hellawell as chairman at the AGM
The UK blue chip index rose 34 points to 7,308 around 3.40pm
The BBC News website reported industry insiders as saying that the firm and KPMG are looking at a number of potential options, including a possible company voluntary arrangement
The retail billionaire warned on Tuesday that “time is running out” for the remainder of the 59-store estate, ITV News said on its website
A report by the BBC said property giant CBRE, which is advising Sports Direct, had said the negotiations around the store had been conducted with “great speed”
HoF owes its suppliers £484mln, according to documents from administrators EY