Sports Direct eyes House of Fraser store closures

​British sporting goods retailer Sports Direct International Plc could close as many House of Fraser stores as the previous management planned to shut, the Financial Times reported on Friday.

As many as two-thirds of the original 59 stores could close, the FT said, citing an unidentified person in contact with Sports Direct Chief Executive Officer Mike Ashley.

Sports Direct’s annual core earnings fell 6%, hit by problems integrating its purchase of House of Fraser. Ashley said last week that buying the department store business may have been a mistake.

Ads

Sports Direct bought House of Fraser out of administration for 90 million pounds ($109 million) last August.

Sports Direct did not respond to a request for comment outside regular business hours.