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Sports Direct buys House of Fraser from administrators for $115 million

Key Points
  • The department store was founded in 1849 and has stores in 59 locations across Britain and Ireland.
Pedestrians pass a House of Fraser store, one of the stores slated for closure, on Oxford Street, in central London, U.K., on Wednesday, June 13, 2018.
Chris J. Ratcliffe | Bloomberg | Getty Images

British sportswear retailer Sports Direct has acquired the business and assets of House of Fraser from the department store group's administrators for £90 million ($115 million), it said on Friday.

Earlier on Friday, House of Fraser had fallen into administration, a form of creditor protection, after talks with investors and creditors failed to find "a solvent solution" for the business.

The company, which was founded in 1849, has stores in 59 locations across Britain and Ireland, including a flagship shop on London's Oxford Street.