House of Fraser's London flagship is no longer set for closure, new owner Sports Direct said Tuesday, with the store that had been a surprise casualty on the retailer’s closure list to be "fully operational".
British retail sales grew faster than expected last month, after hot weather and the World Cup continued to boost food sales and shoppers took advantage of extended discounts on clothing and online sales.
The purchase by Sports Direct of department store group House of Fraser drew a cautious response from analysts on Monday, with some saying the deal could backfire on Mike Ashley, the sportswear retailer's founder.
Britain's economy picked up some speed in the second quarter after a sharp winter slowdown in early 2018 but lost momentum in June, underlining its stuttering performance ahead of Brexit in less than eight months' time.
House of Fraser is to get a new owner after calling in administrators Friday. A fast deal to buy a slimmed-down version of the chain had been on the cards with news Friday that retail tycoon Mike Ashley is now in charge.