Frasers Group Acquires Harvey Nichols Out of Administration

Mike Ashley's Frasers Group, the owner of Sports Direct, has acquired the upmarket department store chain Harvey Nichols out of administration. The deal was completed on Thursday, the same day the company was placed into administration, after Harvey Nichols warned it could run out of money without new funding. The acquisition covers the majority of the chain's 13 stores and secures the jobs of its 1,200 employees, though the financial terms were not disclosed. Harvey Nichols, founded in 1831 and headquartered at its Knightsbridge store, had appointed an administrator in June after struggling financially.