Will Sports Direct save Chichester’s House of Fraser?

The exterior of the King William Street branch of House of Fraser can be seen here in central London

United Kingdom billionaire Mike Ashley swooped in to rescue the House of Fraser Ltd department store chain for £90 million (S$157.5 million), staving off collapse for an anchor of the country's troubled shopping districts.

The deal represents a stunning coup for Mr Ashley, who has harboured a long-standing desire to move his retail empire upmarket by acquiring one of Britain's leading department store chains.

Sports Direct boss Mike Ashley has reportedly agreed to pay £90million for the chain - which includes an Aylesbury Friars Square Shopping Centre store which was already scheduled for closure.

The group employs more than 5,900 staff while a further 10,100 people are employed in the various concessions within the House of Fraser stores. On Oxford Street in London, the two are next door to each other.

He has held an 11 per cent stake in the business since 2014, and also owns close to 30 per cent of Debenhams, its main rival.

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Perseid meteors pose no threat to Earth, as many of them burn up in the atmosphere more than 50 miles above the surface. People can also bring lawn chairs and blankets to watch the meteor shower from the grassy area around the observatory.


The policy has not been universally successful.

"In addition, it will be interesting to see how Sport's Direct's multichannel experience could help to turn around House of Fraser's department stores' ill-fate". Shares in Debenhams were up 1.6 percent.

Court hearings are expected to take place at 7:30am today, "at which orders will be sought appointing individuals from Earnest & Young as administrators of each of the operating companies with immediate effect", the filing said.

Now, the government has indicated that it could bow to mounting pressure to reform the punitive business rates system after the tax was named among factors which contributed to House of Fraser's downfall.

"We need to be working with businesses to see what we can do to keep shops open".

Trump doubles tariffs on Turkish steel and aluminum, says relations 'not good'
A Russian government statement said the two discussed economic and trade ties, including the success of several joint projects. Erdogan has been putting pressure on the central bank not to raise interest rates in an attempt to help borrowers.


On Friday finance minister Philip Hammond gave his strongest indication yet that he was considering a tax on online retail players.

He said some worldwide tax treaties may have to be renegotiated as many big online businesses are global companies. "Britain has led the way in making the case for changes to the global tax system", Hammond told reporters.

House of Fraser chairman Frank Slevin said: "This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan".

The FTSE 250-listed firm noted that, for the year ended 28 January 2017, the House of Fraser group had gross assets of £946.3mmln and made a £14.7mln net profit.

It is understood that Mr Day's proposal was in excess of £100 million, would have avoided an administration and included House of Fraser's pension scheme.

Turkish Economic Crisis Deepens As Currency Hits All-Time Low
The lira fell as much as 18 per cent against the USA dollar in its worst day since Turkey's financial crisis of 2001. The United States is the biggest destination for Turkish steel exports with 11% of the Turkish export volume.


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