House of Fraser closures loom as Ashley’s Sports Direct takes hit

Mike Ashley Poland Street

Sports Direct has laid bare the scale of problems at House of Fraser, the department store business it bought out of administration last year, as it posted a fall in full-year earnings.

Sports Direct, controlled by controversial tycoon Mike Ashley, said House of Fraser store closures are likely in the next 12 months after it lost £54.6m.

Sports Direct reported a 6% fall in group underlying EBITDA to £287.8m on sales 10.2% up to £3.7bn in the year to April 28, delayed results showed.

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