Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Ashley secures House of Fraser Oxford Street flagship

Sports Direct founder Mike Ashley has signed to keep the House of Fraser flagship on Oxford Street open, in a move which “cements his intentions for the department store chain”.

The Oxford Street store was due to close in January under the CVA plan. The terms of the deal have not been disclosed.

“We are absolutely delighted that the Oxford Street store will stay open and this is the first statement from Mike Ashley that he is committed to transforming the House of Fraser business and saving jobs,” James Keany, head of national agency at CBRE, told Drapers.

“We are going to need to work with landlords, councils and suppliers throughout this whole process and we are currently trying to keep every one of the 59 stores open.

“We are working with landlords but do need them to cooperate. We have spoken to 90% of landlords and it has been a positive process.”

Keany reiterated that Ashley’s plan for HoF is to take the chain more upmarket, as “Harrods of the high street” but said it is too early to say exactly what this entails.

“People automatically think of Sports Direct but HoF will be more aligned with Flannels,” he said.

“The Oxford Street deal was an example of a landlord working with Sports Direct in a very positive fashion, hence the speed we have been able to secure this important deal. We need more landlords like this for this to succeed.”

Michael Murray, Sports Direct’s head of elevation added: “We said we would keep as many stores open as possible, and in less than a week we have saved the biggest store. Oxford street was meant to close in January and now it’s safe which is great news for all parties. Everyone must remember it was a bust business and we need landlords, councils and brands to pull together to save House of Fraser on the high street.”

 

Readers' comments (2)

  • oh, well thats alright then. Never mind the hundreds/thousands of looming redundancies and suppliers going bust due to this travesty of a pre-pack

    Unsuitable or offensive? Report this comment

  • & takes the spotlight off the pension issue....& the fact that many people who worked extremely hard for this business have been stuffed on their pension.
    Everyone talks about the pension security blanket but 10% loss on an already diminished pot is a big loss when you have very little time to make up the difference! Mike Ashley a scheming opportunist whilst the previous incumbents -deluded talentless waste of space!

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.