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Sports Direct completes deal to buy House of Fraser's Dublin store

British retailer Sports Direct has completed a deal to buy House of Fraser's Dublin department st...
Newstalk
Newstalk

17.52 24 Oct 2018


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Sports Direct completes deal t...

Sports Direct completes deal to buy House of Fraser's Dublin store

Newstalk
Newstalk

17.52 24 Oct 2018


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British retailer Sports Direct has completed a deal to buy House of Fraser's Dublin department store in Dundrum.

EY Ireland confirmed on Wednesday the sale had been finalised.

House of Fraser appointed Ernst & Young (EY) as administrators, after it failed to reach a "solvent solution" with its main creditors.

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Sports Direct, which is owned by Mike Ashley, purchased the department store chain for stg£90m (€100.32m) cash back in August.

The company acquired 169-year-old department store chain, saving "around 17,000 jobs."

The sports clothing and equipment retailer already owned an 11% stake in the brand.

However the initial deal did not include the Dundrum store, as it was held under a separate legal entity.

The Irish store has more than 200 workers, along with concession staff.

Back in June, 31 of the retailer's 59 stores across the UK were earmarked for potential closure.

However the Dublin outlet at the Dundrum Town Centre was set to survive.

Dundrum is the company's only store in the Republic of Ireland, alongside a store in Belfast.

It comes amid reports that Debenhams will announce the biggest loss in its history on Thursday, as it sets out a plan to shrink its footprint in a radically shifting retail environment.

Sky News says it will also confirm the closure of one-third of its UK stores over the next five years.


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