Mike Ashley, the founder of Sports Direct International plc, has announced the acquisition of UK-based retailer House of Fraser.
The deal has been valued at £90mn (US$115.06mn).
The news follows House of Fraser falling into administration after the firm and its creditors were unsuccessful in reaching an agreement, the BBC reported.
All of the firm’s 59 shops in the UK were anticipated to open on 10 August – including 31 that had previously been marked for closure.
“Sports Direct International plc […] announces the acquisition of the business and assets of House of Fraser from the administrators of House of Fraser Limited, House of Fraser (Stores) Limited and James Beattie Limited,” Sport Direct revealed in a statement.
“The Group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.”
The company currently employs 17,500 members of staff – including 11,500 people who work in concessions.
In 2014 Mike Ashley acquired an 11% stake in House of Fraser, and has considered buying all shares for several years, the Guardian claims.
The businessman also has a 29.7% in Debenhams, a House of Fraser rival.