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Although it announced the closure of its flagship store on Oxford Street in June under its CVA, House of Fraser is now set to keep the prestigious premises after acquisition by Mike Ashley.
In fact, Ashley’s company Sports Direct has said that it plans to keep 47 of the 59 stores open – a marked turn of fortune for House of Fraser since the start of the summer when 31 were set to close.
Head of elevation at Sports Direct, Michael Murray, has said of the deal: “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.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.