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.