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House of Fraser has extended its administration for a further 12 months, just weeks after owner Sports Direct Group branded problems at the department store as “nothing short of terminal in nature”.
House of Fraser suppliers have told Drapers they fear for the future of the struggling department store chain and questioned if Sports Direct’s Mike Ashley did his due diligence before he bought it.
In its delayed annual results, Sports Direct Group has said it would have thought twice about rescuing House of Fraser, after discovering problems at the department store chain that are “nothing short of terminal in nature”.
Ahead of Sports Direct’s delayed results, expected on Friday, Drapers analyses Mike Ashley’s progress in transforming House of Fraser into the “Harrods of the high street” and integrating it into the group alongside premium fascia Flannels.