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 announced on Thursday, the same day Harvey Nichols was placed into administration, with Frasers Group purchasing the majority of the chain's sites for an undisclosed sum. Harvey Nichols, which employs 1,200 people across 13 stores, had previously warned it could run out of money without new funding and had appointed administrators in June.