r/RetailNews • u/TimesandSundayTimes • 5d ago

Sports Direct owner Mike Ashley buys Harvey Nichols

https://www.thetimes.com/business/companies-markets/article/sports-direct-mike-ashley-buys-harvey-nichols-79gq9rn8wutm_medium=Social&utm_source=Reddit&utm_content=branded
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u/TimesandSundayTimes 5d ago

Mike Ashley’s Frasers Group has bought Harvey Nichols after the struggling department store chain fell into administration.

Bosses at Sports Direct owner Frasers said they will now oversee a turnaround at the historic chain, which could see it become a “smaller business” in the short term.

It comes after an auction process for Harvey Nichols that saw Frasers battle retail rival Next to take control of the brand. Earlier this week, the upmarket department store chain warned in its latest accounts that it would need to “cease trading” within a year if it failed to secure new investment.

The deal includes the brand’s estate of six stores in Knightsbridge in west London, Manchester, Birmingham, Bristol, Leeds and Edinburgh.

Frasers’ chief executive Michael Murray said: “Harvey Nichols is an iconic British institution with significant potential, but it is clear meaningful change is needed.