UK’s largest sports-goods retailer, Sports Direct has finalized a deal and taken formal control of the House of Fraser store in Dandrum, Dublin. Mike Ashley’s Sports Direct bought the bulk of House of Fraser chain out of administration for £ 90 million.
EY, the administrators of the House of Fraser group, confirmed that the sale of the single Irish outlet was concluded on Tuesday. Throughout the acquisition process, business at House of Fraser was usual with the store continuing to trade as normal.
The sale of the Dundrum outlet, which employs 220 staff, was held up pending clearance from the Competition and Consumer Protection Commission (CCPC). Sports Direct also owns Heatons department store chain and is also the largest shareholder in Debenhams.
Following this, ScS Group Plc revealed that it would stop trading from all its 27 concessions within the House of Fraser brand by the end of January. This came after the concessions accounted for a 52.5 percent decline in like-for-like orders for the furniture retailer in the 12 weeks to October 20.
