The Sports Direct tycoon Mike Ashley has said he will shut all his stores in shopping centres owned by Intu Properties after the landlord’s refusal to accept his proposed new terms on four House of Fraser sites.
The move will see Ashley shut 17 stores — a mix of Sports Direct, House of Fraser, Flannels, USC and Evans Cycles outlets — when leases reach a break clause or expire.
The billionaire claims this will cost more than £25m a year in lost rent and service charges. Intu’s rental income was £460m last year.
