More trouble in store as House of Fraser is sold to Ashley
MT WALLETTE, our retailing correspondent, on the latest set-back for Croydon’s plans for a £1.4bn temple to shopping
Any closure of House of Fraser would rip the guts out of Croydon’s Centrale
House of Fraser, the troubled department store, has this morning been snatched out of administration by Newcastle United owner Mike Ashley for a bargain-basement price of £90million. Just four years ago, House of Fraser changed hands when the business was valued at £500million.
Today’s deal, announced within a couple of hours of House of Fraser putting itself into administration, still leaves uncertainty for the 17,000 whose jobs depend on the store, including several hundred who work in Croydon.
Ashley, the founder of Sports Direct, will now get to pick and choose which House of Fraser stores will, or will not, continue in business.
“The group has acquired all of the UK stores of House of Fraser, the House…
View original post 950 more words