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Mike Ashley news and archive

Report

House of Fraser sales drop 60 percent in run up to Christmas

Struggling UK retailer House of Fraser has suffered a difficult Christmas trading period, with sales dropping year-on-year in the 12 weeks up to December 18, according to Kantar Worldpanel figures reported by the Telegraph. In August, Sports Direct owner Mike Ashley bought House of Fraser for 90 million pounds when the company went into...

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Mike Ashley lashes out at Debenhams over 40 million pound loan rebuff

Sports Direct owner Mike Ashley has lashed out at Debenhams after the UK retailer refused his offer of a 40 million pound cash injection, according to the Daily Telegraph. In a letter published by the UK newspaper, Ashley warns Debenhams CEO Sergio Bucher that without the money the retailer "has zero chance of survival". “What we’re offering is...

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Management

House of Fraser owner says high street could be dead by 2030

London - House of Fraser owner Mike Ashley spoke to parliament this week to give evidence about the UK's ailing high streets. Ashley, who faced criticism for his company's takeover of struggling retailer House of Fraser, told MPs: “It’s not my fault the high street is dying. We have to realise the High Street won't make 2030 - it's not going to...

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Three House of Fraser stores to close

While Mike Ashley’s Sports Direct, the new owner of the troubled department store chain House of Fraser is putting in efforts to save the latter's stores from closing, The Guardian report says that three stores based in Edinburgh, Hull and Swindon would be closed following disagreement over rental terms with the landlords. Ashley is said to be...

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After Oxford Street, House of Fraser’s Telford store saved from closure

After Sports Direct's Mike Ashley saved House of Fraser’s flagship store on Oxford Street, London from closure, media reports said that its second store at Telford Centre in Shropshire would also remain open. Additionally, Drapers has revealed that the company’s dispute with warehouse operator XPO Logistics has been resolved and its two...

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House of Fraser's Oxford Street flagship saved from closure

House of Fraser’s flagship store on Oxford Street, London has been saved from closure, reports The Guardian. The report quoted James Keany from CBRE, the real estate services and investment firm which is advising Sports Direct on House of Fraser’s property-related matters, saying: "This deal only happened because all parties realised it was...

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Report

House of Fraser in talks with Mike Ashley for 50 million pounds funding deal

Troubled departmental store chain House of Fraser is said to be in talks with Sports Direct’s Mike Ashley to seek funding boost worth 50 million pounds (65.8 million dollars), reports Sky News. Last month, the company’s voluntary arrangement (CVA) proposals were approved by the company’s creditors, which included closure of 31 of its 59...

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Sports Direct reportedly eyes up Brixton Market

London - Billionaire Mike Ashley, owner of Sports Direct, is reportedly keen on expanding his portfolio once more as he is said to have set his sights on acquiring Brixton Village and Market Row, a shopping destination in south London. Ashley is set to make a 30 million pound offer for the vibrant marketplace, which is home to 140 retailers and...

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Sports Direct increases stake in Debenhams once more

Value sportswear retailer Sports Direct has upped its stake in struggling department store Debenhams once more in its latest round of increases. According to a stock market filing on Monday, Sports Direct currently holds a 17.08 percent stake in Debenhams through, which is small increase from the 16.09 percent stake the sportswear retailer held...

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Report

​Sports Direct set to sell Dunlop for 112 million pounds

London - Sports Direct is set to sell off sportswear brand Dunlop to Sumitomo Rubber Industries (SRI) for 112 million pounds (137.5 million dollars). The sale, which took the industry by surprise earlier this week, sees the Japanese company acquire the trademark rights of the Dunlop brand overseas, as well as its related wholesale and licensing...

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Sports Direct CFO to follow former CEO out the door

London - Sports Direct Chief Financial Officer, Matt Pearson, is set to follow in the footsteps of the sportswear retailer former CEO, Dave Forsey, and exit the company. Pearson is said to have resigned from his role at Sports Direct in order to “take up a role with a different employer.” His impending departure marks the second management...

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Mike Ashley loses "right arm" as he is named CEO of Sports Direct

London - Billionaire Mike Ashley has been named the Chief Executive Officer of his own sportswear company Sports Direct, following the resignation of former CEO Dave Forsey. The move sees Ashley taking up the reins at Sports Direct with immediate effect as the UK's largest retailer struggles with declining profits and accusastions of improper...

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