Sports Direct has dismissed the former directors and senior management of House of Fraser, just weeks after the sportswear retailer snapped up the struggling department chain from its administrators.
Billionaire Mike Ashley’s Sports Direct bought House of Fraser’s 58 stores in the UK, its brand and all its stock for £90m in August. But it did not take on responsibility for the retailer’s historic pension obligations.
Ashley, who also owns Newcastle United Football Club, has been calling for an investigation into the cause of the collapse, according to press reports.
“Following the collapse of House of Fraser on August 10 2018, and subsequent calls for an investigation into the circumstances of that collapse, the Company today announces that we have dismissed the former Directors and senior management of House of Fraser,” Sports Direct said in a brief statement.