House of Fraser’s flagship store on London’s Oxford Street has been saved from closure by new owners Sports Direct.
The embattled department store chain was bought out of administration for £90m by billionaire retailer Mike Ashley, who has vowed to keep 80% of the 59 stores open and transform it into the “Harrods of the High Street”.
The Oxford Street store was one of 31 stores set to close through a Company Voluntary Arrangement (CVA) before the retailer entered administration.
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