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Sports Direct International PLC Add to portfolio

LON250:SPD, Aug 17, 03:52 UTC

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Tuesday, August 14


News

Sports Direct Plans to Keep Most House of Fraser Stores Open - BloombergQuint

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International Plc says it will continue to operate most of House of Fraser’s 59 department stores in the UK and Ireland after acquiring the chain for £90 million (€100 million). Sports Direct rescued House of Fraser from near collapse last week after would-be Chinese buyer C.banner International Holdings pulled out, prompting the UK company to begin insolvency procedures. House of Fraser is the latest near-victim of a crisis that has claimed retailers like BHS, and the UK arm of Toys “R” Us. After buying House of Fraser, Sports Direct chief executive said he wanted to turn the chain into the “Harrods of the high street,” referring to the upmarket London retailer.

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Sports Direct Says It Will Keep Most House of Fraser Stores Open

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Sports Direct International Plc says it will continue to operate most of House of Fraser Ltd.’s 59 U.K. and Ireland department stores after acquiring the chain for 90 million pounds ($115 million). Sports Direct rescued House of Fraser from near collapse last week after would-be Chinese buyer C.banner International Holdings Ltd. pulled out, prompting the U.K. company to begin insolvency procedures. House of Fraser is the latest near-victim of a crisis that has claimed retailers like BHS, Maplin Electronics and the U.K. arm of Toys “R” Us Inc. British shopkeepers are struggling with a Brexit-fueled spike in sourcing costs, increased staffing outlays and a squeeze on disposable incomes. After buying House of Fraser, Sports Direct Chief Executive Officer Mike Ashley said he wanted to turn the chain into the “Harrods of the high street,” referring to the upmarket London retailer.

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Monday, August 13


News

Sports Direct begins negotiations with House of Fraser landlords

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Sports Direct is now in talks with House of Fraser landlords in a move that could hasten potential store closures if agreements on rents and leases fail to be reached. Commercial real estate services firm CBRE confirmed on Monday that it had been appointed to advise Sports Direct “on all property related matters in relation to its recent acquisition of House of Fraser”. Some landlords have already been in touch with CBRE, which said “contact will be made to all landlords over the following days”. Prior to the latest crisis, House of Fraser had recently agreed a so-called Company Voluntary Arrangement (CVA) with landlords to close half of stores, with 6,000 jobs in the firing line. Mr Ashley beat off competition from retail rival Philip Day, the billionaire owner of Edinburgh Woollen Mill, whose proposal was understood to be in excess of £100 million. While it would have avoided an administration and included House of Fraser’s pension scheme, accountancy giant and appointed administrators EY opted for Mr Ashley’s offer. Sources have 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.

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Sports Direct to start talks with House of Fraser landlords

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Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser. After the sportswear group acquired the business and assets of House of Fraser from administrators on Friday for £90m, property and industry sources suggested to Drapers that owner Mike Ashley may close some branches in the portfolio or convert them into Sports Direct fascias. House of Fraser currently has 59 stores, 31 of which were earmarked for closure under a company voluntary arrangement (CVA). However the CVA no longer stands under the administration deal and Ashley said: “We will do our best to keep as many stores open as possible.”. Research from The Local Data Company outlines that vast majority of locations with a House of Fraser also has a Sports Direct store, which may offer some room for consolidation.

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Sports Direct's House of Fraser purchase fails to convince analysts

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Sports Direct's House of Fraser purchase fails to convince analysts. * Sports Direct paid 90 mln stg for House of Fraser. LONDON, Aug 13 (Reuters) - The purchase by Sports Direct of department store group House of Fraser drew a cautious response from analysts on Monday, with some saying the deal could backfire on Mike Ashley, the sportswear retailer's founder and chief executive. Ashley, who also owns English Premier League soccer club Newcastle United, on Friday snapped up the 169-year-old House of Fraser's 58 UK stores, its brand and its stock for 90 million pounds ($115 million) hours after it collapsed into administration. He has given away little about his plans for the company, beyond stating that he would keep as many stores open as possible and transform the chain "into the Harrods of the High Street" - a reference to the Qatari-owned luxury department store in London that was once owned by House of Fraser.

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Saturday, August 11


Social Chatter

Sports Direct International PLC (LON250:SPD) social chatter is higher than usual

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WATCH: Newcastle fans protest in the town centre against owner Mike Ashley ahead of today's game v Spurs. https://t.co/snrmAcWr3D
News

Mike Ashley's Sports Direct buys struggling House of Fraser for £90m

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In a statement to the London Stock Exchange (Other OTC: LDNXF - news) , Sports Direct said it had acquired all of the UK stores, brand and stock of House of Fraser. Under Mr Ashley's stewardship, Sports Direct has accumulated stakes - often through complex financial instruments - in a number of British high street chains, including Debenhams and French Connection (LSE: FCCN.L - news) . Details of Mr Ashley's plans for HoF, including how many of the 17,500 people who work for the company and its concession operators will keep their jobs, are unclear. However, a rescue deal by a well-capitalised business like Sports Direct will at least preserve a significant number of jobs at HoF. "Our deal was conservative, consistent and simple. My ambition is to transform House of Fraser into the Harrods of the high street." Scott Lennon, of the union Unite, said: "Sports Direct is a leopard that has not changed its spots and we hope that its poor record on pay and employment practices are not transferred to the House of Fraser. "We fear for jobs and employment conditions at the House of Fraser going forward. The staff are entering a period of great uncertainty and worry."

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Sports Direct snaps up ailing UK retailer House of Fraser

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Sports Direct snaps up ailing UK retailer House of Fraser. British retailer Sports Direct said Friday that it has bought struggling department store chain HouseA woman walks past the House of Fraser department store on Oxford Street in London, Friday, Aug. 10, 2018. In an announcement to the London Stock Exchange, Sports Direct said it has acquired House of Fraser's British stores, the brand and all of the stock in the business for 90 million pounds ($115 million). The news came hours after House of Fraser said it was calling in administrators after discussions between investors and creditors failed to offer a "solvent solution."

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Friday, August 10


News

[$$] Sports Direct Buys Struggling U.K. Retailer House of Fraser

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PLC said Friday that it has bought House of Fraser for 90 million pounds ($114.9 million) after the struggling department-store chain appointed administrators amid a turbulent period for U.K. high-street retailers. , Sports Direct’s founder and chief executive, said he wants to “transform House of Fraser into the Harrods of the high street,” after his sports apparel business acquired all of the U.K. stores of House of Fraser, the brand and all of the stock.

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Sports Direct rescues House of Fraser for 90 million pounds

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Billionaire Ashley, who also owns English Premier League soccer club Newcastle United, said on Friday his ambition was to transform House of Fraser "into the Harrods of the High Street" - a reference to the Qatari-owned luxury department store in London that was once owned by House of Fraser. Sports Direct bought House of Fraser's 58 UK stores, its brand and all its stock. But it did not take on responsibility for the retailer's historic pension obligations. "We will do our best to keep as many stores open as possible," Ashley said in a statement, making no mention of his plans for the workforce - over 5,900 direct employees and 10,100 who work for concession partners. "This is a massive step forward and further enhances our strategy," he added. Ashley's stated desire is to make Sports Direct the "Selfridges of sport", emulating the status of the department store on London's Oxford Street.

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