Will Sports Direct save Chichester's House of Fraser?
What does Sports Direct buying House of Fraser mean for Chichester?
News is breaking that bargain sports retail giant Sports Direct has purchased House of Fraser Limited from the administrators.
It follows news that the company was to go into administration.
This morning’s announcement confirms that Sports Direct has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.
The deal is reportedly for £90million.
According to the statement the House of Fraser group had gross assets of £946.3m and made £14.7m net profit.
Earlier this year the company announced that the Chichester branch was to close, along with 30 more nationwide.
The news was met with sadness in the city, along with fears that 160 jobs could be lost at the West Street branch.
When the news was announced in June that Chichester’s branch would be closing, shoppers were sad that the veteran store would no longer be in West Street.