Investors had been struggling to find a solution for 169-year-old department store after a year of heavy losses

Ha! Ha! The Tory Gov inspired age of austerity has hit not just the English working class (as intended)

Once the genie of economic salvation was let outside the bottle, like a hurricane it destroyed all it’s path, even Britain’s age old companies ! Ha bloody Ha!

Magic Aladdin's Genie lamp on black with smoke

Like a gone-wrong fairy story stores are collapsing one after another!The list is endless thanks to the bankers…..like a latter day, end times, poor game of Monopoly

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THE fate of thousands of staff members hangs in the balance as House of Fraser is dealt a fresh blow.

Here’s the latest on store closures and what role Sports Direct has had in its latest chapter.

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Is House of Fraser closing?

House of Fraser announced in early August 2018 that 31 of its 59 stores would be closing in January 2019.

This would lead to 6,000 job losses — 2,000 House of Fraser staff and 4,000 across brands and concessions.

Is Sports Direct the new buyer?

House of Fraser called in administrators in August 2018 after last-ditch talks with investors and creditors failed.

But hours later Sports Direct confirmed it had purchased House of Fraser for £90million.

This represents a massive victory for Mike Ashley, who has held an 11 per cent stake in the business since 2014 and owns 30 per cent of its rival Debenhams.

It is unclear at this stage what this will mean for job losses or store closures at the beleaguered clothing chain.

House of Fraser has 17,500 employees across its offices and stores.

What’s the latest share price?

House of Fraser is no longer listed on the London Stock Exchange.

In May this year figures revealed the warehouse had lost £43.9m in 2017.

Sports Direct has agreed to buy the House of Fraser department store chain for £90m. The deal was announced just hours after the collapse.

Another victory for Mrs Mayhem and the conservatives

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