House of Fraser set to fall into administration

The exterior of the King William Street branch of House of Fraser can be seen here in central London

Sports Direct International has agreed a deal to acquire all of the United Kingdom stores of House of Fraser, the department store chain's brand and all of the stock in the business.

"The directors of the group's operating companies, House of Fraser (Stores) Limited, House of Fraser Limited and James Beattie Limited (the "Operating Companies"), have therefore resolved to seek the appointment of administrators".

Now thousands of jobs remain under threat at House of Fraser, after the chain of department stores was forced to file for administration.

Last month Sports Direct booked a charge of 85 million pounds for its disastrous investment in Debenhams - a rival department store group to House of Fraser. The administration is due to be arranged at a court hearing early on Friday morning.

In a massive blow to its 17500 staff, House of Fraser is to appoint administrators after negotiations with its investors and creditors failed to conclude in a "solvent solution", according to reports.

The department store announced plans to close more than half of its shops back in June, although the Rushden Lakes store was not one of those identified for closure.

Tom Brady close to signing contract adjustment with New England Patriots
Washington Redskins rookie running back Derrius Guice tore his ACL and is out for the season, the team announced on Friday. The competition is now wide open after Guice's season-ending injury.

Samsung Galaxy Watch hands on review
At the NY event on Thursday, Samsung also introduced a new Galaxy Watch that competes with a similar product from Apple . The Galaxy Watch is available to preorder Friday, Aug. 10 and goes on sale Aug. 24 at Amazon, Best Buy and Samsung.

Samsung plans $22 bln spending on new tech
The injection of money will be made over the coming three years and will be part of an overall $161 billion investment plan. It expects this to "induce" another 700,000 jobs in related South Korean industries and businesses.

"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.

"All stores will be open for business as usual today".

House of Fraser chief executive Alex Williamson had this morning spoken of his confidence that the company's future would be secured in short order, saying "an acquisition of the 169-year-old retail business will see House of Fraser regain stability, certainty and financial strength".

Bosses had hoped to close 31 of its 59 stores under a company voluntary agreement, a controversial insolvency process which allows struggling businesses to close unprofitable sites and cut rents.

It is not clear what will happen now to those stores and their workforce following the takeover by Mr Ashley.

The accelerating pace of the crisis was made plain on Thursday when the beleaguered department store chain revealed that it had to secure funding before August 20 as crunch talks with potential rescuers continued. Even within a struggling industry, the likes of House of Fraser look like relics of the Edwardian era, about as relevant to the 21st century as typewriters and video players.

Related news:

Hot News

isis-killer-beheading-video-story-top 'Real Housewife' Bethenny Frankel's boyfriend found dead in Trump Tower
Aug 11, 2018 - 00:54
Dennis and the Real Housewives of New York City star met almost 30 years ago, but didn't start dating until 2016. Dennis Shields , who dated the reality star since 2016, was found dead at Trump Tower in NY on Friday.

isis-killer-beheading-video-story-top Kylie Jenner’s Baby Stormi Is Basically A Model Already & She's Beyond Cute
Aug 11, 2018 - 00:41
Pics by Kylie ... captions by RCL . "Bday dinner...look 1", the youngest daughter of Caitlyn and Kris Jenner captioned a pic. Though her ponytail was no doubt the most statement-making part of Kylie's look, her makeup was equally as gorgeous.

isis-killer-beheading-video-story-top Ullrich arrested for assaulting prostitute
Aug 11, 2018 - 00:28
Local police said that he was arrested at 6am at the five-star Villa Kennedy hotel in the German financial capital. The 44-year-old won the race in 1997.

isis-killer-beheading-video-story-top How to Win Free McDonald's for Life
Aug 11, 2018 - 00:27
McDonald's recently released a new ad for their " McGold Card ", which is like the Black Card of fast food. The victor will also receive $35,400 cash plus $15,600 to offset taxes on the prize.

isis-killer-beheading-video-story-top Pogba still happy at Man Utd, insists Mourinho
Aug 10, 2018 - 23:59
Jose Mourinho is "desperate" for Manchester United to get off to a winning start in the Premier League curtain-raiser on Friday night , despite bemoaning a lack of preparation time.

isis-killer-beheading-video-story-top Wear Loose Underwear To Improve Your Sperm Production
Aug 10, 2018 - 23:58
There have been several studies of late that show that there is a steady decline in sperm counts. The study included men who visited the Massachusetts General Hospital for fertility problems.

isis-killer-beheading-video-story-top Bitcoin File (BIFI) Achieves Market Capitalization of $0.00
Aug 10, 2018 - 23:48
Bitcoin price declined sharply from the $7,150 swing high after the US SEC chose to postpone one of the ETF approval decisions. BCH is seeing a daily loss of around 14.2 percent and is the fourth highest market valuation among every coin in existence.

isis-killer-beheading-video-story-top Omarosa Claims Trump Repeatedly Used 'N-Word' During 'The Apprentice'
Aug 10, 2018 - 23:37
Using the N-word wasn't just the way he talks but, more disturbing, it was how he thought of me and African-Americans as a whole'. More details: Omarosa claims that Trump had a tanning bed installed in the White House residence, per the Post . "He hated him.

isis-killer-beheading-video-story-top Annual meteor shower to peak this weekend
Aug 10, 2018 - 23:11
However, it's important to set an alarm clock, because the meteor shower occurs while most people are sleeping. The Perseid meteor shower has been taking place since mid-July, but will hit its peak this coming weekend.

isis-killer-beheading-video-story-top Everton complete triple deadline day signings as Bernard joins Barcelona duo
Aug 10, 2018 - 22:54
Everton have agreed a deal to sign Yerry Mina , the defender leaving Barcelona after an unhappy six-month spell in La Liga. Upon joining Everton , Mina told evertontv , "It is important that the club want to fight for something".

isis-killer-beheading-video-story-top Samsung’s New LTE Galaxy Watch Focuses On Fitness
Aug 10, 2018 - 22:54
Samsung gives you a discount today and then forces you to prove it later by sending your phone in after your new Note 9 arrives. It'll offer you breathing tips if it detects a spike in heart rate, or track your exercise progress, or monitor sleep patterns.

isis-killer-beheading-video-story-top Idris Elba tipped to be the next James Bond
Aug 10, 2018 - 22:11
And now, it appears a turn as James Bond is in Elba's future. 'You need a guy with a physically strong presence. Eon Productions, maker of the James Bond films, did not immediately respond to a request for comment.

isis-killer-beheading-video-story-top WikiLeaks posts letter from Senate asking for Assange to testify
Aug 10, 2018 - 21:33
The email releases have been linked to the alleged Russian conspiracy to influence the election via fake news and other means. WikiLeaks lawyers informed that they were considering the offer, but "testimony must conform to a high ethical standard" .

isis-killer-beheading-video-story-top Trump vows to double steel and aluminum tariffs on Turkey
Aug 10, 2018 - 20:59
As the currency drops, Turkish companies and households with debt in foreign currencies see their debts expand. Coupled with an inflation rate of almost 16 per cent, that could cause a lot of damage to the local economy.

isis-killer-beheading-video-story-top Mourinho takes swipe at United's detractors
Aug 10, 2018 - 18:28
Having previously managed Barcelona and Bayern Munich, Guardiola is used to high expectations. City won the league by 19 points, finishing with record goals and wins in the process.