Register to get unlimited Level 2

Sports Direct denies report it's closing HoF stores

By Michele Maatouk

Date: Monday 07 Oct 2019

Sports Direct denies report it's closing HoF stores

(Sharecast News) - Mike Ashley's Sports Direct said on Monday that it is not planning on closing a large number of House of Fraser stores in the new year.
Responding to press speculation, the retailer - which bought HoF out of administration for £90m - said it had entered into new leases on the majority of the stores.

The Telegraph said Sports Direct was looking to shut stores after the crucial Christmas period. It said papers from administrators EY showed that seven sites are now empty and the company is either not paying rent or is about to end the leases for the vast majority of the remaining stores.

However, Sports Direct said the papers being referred to relate to the leases between the landlords and the old HoF company and have nothing to do with the Sports Direct Group, including the new House of Fraser Limited.

"The EY report relates to an entirely different company," it said, adding that it continues to work with landlords across the whole of the remaining House of Fraser estate.

"Sports Direct said it working rapidly on its ongoing investment programme with the HoF brand and it is therefore totally incorrect to assume that there will be large numbers of store closures in the new year.

"We are taking legal advice with regards to this unbelievable level of misreporting."

At 1210 BST, the shares were down 0.8% at 282.56p.


Email this article to a friend

or share it with one of these popular networks:

Top of Page