Frasers Group, owned by Mike Ashley, has acquired the luxury department store Harvey Nichols after it entered administration. The deal comes as the retailer faced financial difficulties, warning it could run out of funds without new investment. Harvey Nichols operates 13 stores and employs around 1,200 people.
The acquisition will involve significant restructuring, with plans to integrate Harvey Nichols into Frasers' business model. While the Knightsbridge and Edinburgh locations will remain, other stores may be rebranded under the House of Fraser or Flannels names.