Mike Ashley
This coverage examines Mike Ashley’s activities and influence within the UK retail sector, including his leadership roles, acquisitions, strategic decisions, and impact on companies such as Sports Direct and Frasers Group. Reporting provides retail managers and executives with insights into his business approach and its implications for the wider industry.
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Aug- 2018 -14 AugustDepartment Stores
Mike Ashley plans to keep 80% of House of Fraser stores open
Sports Direct owner Mike Ashley has vowed to keep 80% of House of Fraser’s stores open, after he saved the department store chain from administration in a £90m buyout last week (Friday 10 August). When the department store entered a CVA in June, it planned to shut 31 of its…
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10 AugustDepartment Stores
House of Fraser site offline as administration threatens 17,500 jobs
House of Fraser has appointed administrators after talks with investors and creditors were “not concluded in a solvent solution”. The department store currently employs 17,500 people across its 59 stores of which 31 have already been earmarked for closure. Despite the administration all House of Fraser stores are expected to…
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9 AugustDepartment Stores
House of Fraser sets new deadline to secure funds
House of Fraser has set itself a new deadline to secure funding to avoid collapse. In a statement to the Luxembourg Stock Exchange, the company said that it would require an investment no later than 20 August. Earlier reports said the department store would make a final decision on its…
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9 AugustDepartment Stores
House of Fraser fate could be decided today
A decision could be made on the future of House of Fraser today as its creditors assess takeover bids made by Sports Direct’s Mike Ashley, retail tycoon Philip Day, and retail turnaround fund Alteri Investors. According to Sky News, PwC spent Wednesday (8 August) afternoon negotiating on the 169-year-old’s department…
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6 AugustDepartment Stores
House of Fraser able to proceed with store closures after legal row ends
House of Fraser has settled its legal row with landlords meaning it can proceed with plans to close 31 of its 59 stores. Landlords had previously argued that slashing rents to support the department store’s rescue plan was unfair. The department store said it was “focused on concluding discussions with…
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1 AugustDepartment Stores
C.banner pulls out of House of Fraser rescue
C.banner has pulled out its House of Fraser rescue deal worth £150m due to a dive in its share price. The Hamley’s owner said the deal had been “rendered impracticable and inadvisable” following the fall. House of Fraser is now urgently seeking a £50m investment in order to avoid collapse.…
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Jul- 2018 -19 JulyHigh Street
Debenhams woes hit Sports Direct profits
Sports Direct has seen a 73% drop in pre-tax profit despite an increase in revenue thanks to its investment in struggling department chain Debenhams. In its preliminary results for the period ending 29 April, Sports Direct said pre-tax profits were £77.5m, down 72.5% from £281.6m the previous year. It said…
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11 JulyComment
Has Sports Direct entrepreneur Mike Ashley made a naming faux pas?
The founder of Sports Direct, Mike Ashley, is the latest business owner to attract unwanted attention from US retail giant, TK Maxx, over the choice of a new brand name. Should he have seen it coming? The dispute centres on the use of the name, Brand Max, as the brand…
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May- 2018 -17 MayDepartment Stores
House of Fraser landlord anger nullified by stock exchange rules
House of Fraser’s relations with a range of stakeholders worsened today after several landlords expressed anger at proposed rent reductions as part of an ongoing CVA plan. Landlords are said to be peeved by the request for rent reduction after fresh investment by Hamley’s owner C.banner. Several landlords told media…
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8 MayDepartment Stores
Sports Direct launches legal action against House of Fraser over CVA disclosures
Mike Ashley, owner of Sports Direct, filed a petition against House of Fraser on Friday (5 May) following the department store’s decision to close some of its outlets. Sports Direct holds an 11.1% stake in House of Fraser and Ashley claimed the company was “frozen out” and “repeatedly denied information…
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