House of Fraser: Sports Direct in talks as closures loom

Sports Direct is in talks with House of Fraser landlords in a move that could hasten potential store closures if agreements on rents and leases fail to be reached.
Owner of Sports Direct, Mike Ashley. Picture: GettyOwner of Sports Direct, Mike Ashley. Picture: Getty
Owner of Sports Direct, Mike Ashley. Picture: Getty

Commercial property services firm CBRE confirmed yesterday it had been appointed to advise Sports Direct “on all property-related matters in relation to its recent acquisition of House of Fraser”.

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Talks will centre on rental costs and the length of leases, although councils will be part of negotiations in some cases given the impact of business rates on the retailer.

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Sports Direct founder and chief executive Mike Ashley said last week the retailer would “do our best to keep as many stores open as possible” after it launched a £90 million rescue of House of Fraser.

But doubt still remains over the long-term future of jobs and whether Mr Ashley will shut underperforming stores as part of a restructuring programme.

Iconic Edinburgh store Jenners is owned by House of Fraser.