Sports Direct has struck a deal to buy House of Fraser for £90 million.
House of Fraser, which has a department store in Meadowhall, Sheffield and one in Doncaster, went into administration this morning after failing to find a buyer to invest and turn the business around.
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Chinese firm C.banner pulled out of a rescue deal earlier this month but House of Fraser called in administrators and said it was confident that a buyer could be found.
It has now been announced this morning that businessman Mike Ashley's Sports Direct chain has struck a deal to buy the firm.
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House of Fraser employs 17,500 workers, including 11,500 concession staff.
Of the firm's 59 department sores, 31 have been earmarked for closure as part of a restructuring agreement.
The House of Fraser name was once a jewel of high streets across the country - a department store steeped in history, which typified style and variety.
But like so many before it - including Woolworths, Toys R Us and, most recently, Poundworld - it has fallen victim to the rise in discount stores and the shift in consumer habits from physical purchase to online shopping.
It started out as a small drapery shop in Glasgow in 1849.