Chinese retail giant, Nanjing Xinjiekou Department Store Co (Nanjing Cenbest), a subsidiary of Sanpower Group, acquired a 89% stake in Highland Group Holdings, the parent company of House of Fraser. The HOF brand is 165 years old being present in the UK and Ireland.
The announcement on 12th April came after reports last week that Sports Direct tycoon Mike Ashley had bought an 11% stake in the business in an attempt to derail the deal with the Chinese.
House of Fraser
The House of Fraser Group won the 2013 Stars Underlines Best Shop Awards in Best Large Department Store Category (for lingerie).
