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House of Fraser’s flagship Oxford Street store saved from closure

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House of Fraser’s flagship store in London’s Oxford Street has been spared closure, new owner Sports Direct has said.

Prior to the business going into administration earlier this month, the store was one of 31 of the department store chain’s 59 branches earmarked for closure.

The closures were due to take place under a Company Voluntary Arrangement CVA – a controversial insolvency mechanism which has been deployed by retailers including Carpetright, Mothercare and New Look this year.

Within hours of the company falling into administration on 10 August, Sports Direct tycoon Mike Ashley agreed a £90m cash buyout of the struggling chain.

Mr Ashley pledged at the time that he would do his best “to keep as many stores open as possible” – adding it was his ambition “to transform House of Fraser into the Harrods of the high street”.

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