House of Fraser’s flagship store is being saved from closure according to its new owner. The iconic Oxford Street department store, which had previously been earmarked for closure under House of Fraser’s CVA, will stay open and continue to be “fully operational”. After falling into administration on August 10, Sports Direct owner Mike Ashley bought the company for £90 million, vowing to keep 80 per cent of stores open.
Head of elevation at Sports Direct Michael Murray 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.”
