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Sports Direct dismisses House of Fraser directors and management

Tycoon Mike Ashley has called for an investigation into the circumstances of the collapse of House of Fraser

House of Fraser
Sports Direct bought House of Fraser out of administration for £90mln in August

Sports Direct International PLC (LON:SPD) has dismissed the directors and senior management of House of Fraser, less than two months after buying the embattled department store group from administrators.

Mike Ashley, the owner and CEO of Sports Direct, bought the department store group out of administration for £90mln in August.

READ: Mike Ashley blames “greedy landlords” as he threatens to close handful of House of Fraser stores

“Following the collapse of House of Fraser on August 10 2018, and subsequent calls for an investigation into the circumstances of that collapse, the company today announces that we have dismissed the former directors and senior management of House of Fraser,” Sports Direct said in a statement late on Monday.

Following negotiations with landlords around Britain to reduce rent bills, 20 of House of Fraser's 58 UK stores have so far been saved from closure, safeguarding about 3,500 jobs, according to UK press report

Last month, Sports Direct ruled out a takeover bid for Debenhams (LON:DEB) after an outgoing director said the Sports Direct board had discussed combining the two firms. Sports Direct owns a 29.7% stake in Debenhams.

 

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LSE:SPD
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