Sports Direct ousts entire House of Fraser management team
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Sports Direct has announced it has dismissed the entire management and executive team of House of Fraser following the department store’s collapse and subsequent takeover by Mike Ashley.
In a short statement released to the London Stock Exchange, the company said this was due to “calls for an investigation” regarding the circumstances of House of Fraser’s downfall.
The statement reads: “Following the collapse of House of Fraser on August 10 2018, and subsequent calls for an investigation into the circumstances of that collapse, the company today announces that we have dismissed the former directors and senior management of House of Fraser.”
It is unclear who will replace the management team.
House of Fraser was saved by Ashley in a last minute £90m takeover deal which rescued the 169-year-old department store from administration. So far, he has vowed to turn the retailer into the “Harrods of the high street” and saved its flagship Oxford Street site from being closed.
Retail Sector has contacted Sports Direct for comment.
