logo
Plus   Neg
Share
Email

Sports Direct Says Media Reports About House Of Fraser Store Closures Incorrect

Sports Direct International (SDIPF.PK,SPD.L) Monday responded to media reports regarding its House of Fraser or HoF Stores.

The company said its aim is to correct statements made in the press initially by the Sunday Telegraph and now more widely reported by other news outlets.

Sports Direct noted that The Telegraph article refers to "fresh papers from administrators EY", which is the progress report for the administration of HFL Realisations Limited, formerly House of Fraser Limited, which went into administration in 2018.

The company noted that the EY report relates to an entirely different company.

Sports Direct said staff across the HoF group experience a false sense of job insecurity due to the erroneous misreading of the administrators report from EY.

The company said in its statement, "Sports Direct is working rapidly on our ongoing investment programme with the HoF brand and it is therefore totally incorrect to assume that there will be large numbers of store closures in the new year."

The company said it is taking legal advice related to the misreporting.

According to the company, the progress report refers to a number of leases being surrendered for £nil and a small number of property leases remaining to be dealt with.

The surrenders relate to the leases between the landlords and the old House of Fraser company and have nothing to do with the Sports Direct Group including the new House of Fraser Limited.

The company has entered into new leases on the majority of House of Fraser stores. Sports Direct continues to work with landlords across the whole of the remaining House of Fraser estate.

In London, Sports Direct shares were trading at 281.20 pence, down 1.26 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The former chief executive officer of Hertz Global Holdings, Mark Frissora, agreed to pay about $2.2 million to settle the U.S. Securities and Exchange Commission's claims that he played a key role in causing the now-bankrupt car-rental company to file inaccurate financial statements in 2013. Daimler AG, the maker of Mercedes-Benz cars, said Thursday that it has agreed to pay more than $2.2 billion to settle U.S. claims over emissions from its diesel vehicles. A new class-action lawsuit filed against Facebook accuses the company's photo and video-sharing app Instagram of illegally collecting biometric data of as many as 100 million users without their consent, according to reports. The lawsuit filed in a state court in California, alleges that Instagram uses its photo-tagging technology to create a database of users' facial features.
RELATED NEWS
Follow RTT