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Mike Ashley (former owner)


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Hurry up Stiffles! I bet Milton didn't take this long to type up the second bit of Paradise Lost.

Since I got slated I figured what’s the point?

 

Sod them. Those losers thought duck tape was called duct tape. You're not going to let duct tape wankers put you off, are you? Quack on with part two, son.

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From Telegraph

 

 

Mike Ashley paves way for swift exit from House of Fraser

 

 

Mike Ashley regrets his decision to buy House of Fraser

 

7 October 2019 • 9:15am

 

Almost all House of Fraser stores could shut after the crucial Christmas shopping season, as Mike Ashley's bad bet on the chain appears headed for a sorry end.

 

Sports Direct, which paid administrators £90m for House of Fraser after it collapsed last year, took control of 64 sites including 59 stores, three office buildings and two warehouses.

 

Seven sites are now empty and Sports Direct is either not paying rent or is about to end the leases for the vast majority of the remaining ones, fresh papers from administrators EY have showed. This allows for a quick exit.

 

Mr Ashley has already said he plans to close several House of Fraser stores after December.

 

The business is launching an upmarket spin-off from the old House of Fraser brand, called Frasers.

 

It has plans to overhaul just five next year, with the first one expected to replace the outgoing Debenhams in the centre of Wolverhampton.

 

In July, Mr Ashley admitted he regrets his decision to buy the chain and described the state of the business as "nothing short of terminal". "If we had the gift of hindsight we might have made a different decision in August 2018."

 

Sports Direct is still scrambling to find an auditor after Grant Thornton, which had been advising the retailer for years, formally quit last month. If it fails to find one, its future as a listed company could be at risk.

 

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Wonder if Adrian Durham will be pushing for Ashley to use the January transfer funds to save jobs instead. On the other hairy hands, Richard Keys might argue that the staff should use their own money to buy the company if they really love it as much as they say.

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From Telegraph

 

 

Mike Ashley paves way for swift exit from House of Fraser

 

 

Mike Ashley regrets his decision to buy House of Fraser

 

7 October 2019 • 9:15am

 

Almost all House of Fraser stores could shut after the crucial Christmas shopping season, as Mike Ashley's bad bet on the chain appears headed for a sorry end.

 

Sports Direct, which paid administrators £90m for House of Fraser after it collapsed last year, took control of 64 sites including 59 stores, three office buildings and two warehouses.

 

Seven sites are now empty and Sports Direct is either not paying rent or is about to end the leases for the vast majority of the remaining ones, fresh papers from administrators EY have showed. This allows for a quick exit.

 

Mr Ashley has already said he plans to close several House of Fraser stores after December.

 

The business is launching an upmarket spin-off from the old House of Fraser brand, called Frasers.

 

It has plans to overhaul just five next year, with the first one expected to replace the outgoing Debenhams in the centre of Wolverhampton.

 

In July, Mr Ashley admitted he regrets his decision to buy the chain and described the state of the business as "nothing short of terminal". "If we had the gift of hindsight we might have made a different decision in August 2018."

 

Sports Direct is still scrambling to find an auditor after Grant Thornton, which had been advising the retailer for years, formally quit last month. If it fails to find one, its future as a listed company could be at risk.

 

 

So much for saving those jobs.  :rolleyes:

 

Out of the ashes he is creating an up market store called "Frasers"  :mike:

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Honestly think his plan was to buy all of these failed high street stores in the blind hope that he gets a government grant to be able to run them for free as they don't want to lose it. Classic him just gambling on a 10000/1 shot with as much money as he (or rather NUFC) has. And then even after he wins the bookies tell him nar, we made a mistake, you're only getting a 3/1 at best instead.

 

Absolute mug - excellent businessman of course though.

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Guest reefatoon

Was he not just after all the stock from HoF rather then the guts of the business itself? 

 

Aye. He wanted all their denim stock, so he could stitch them together for a new pair of extra swoopy boot cut jeans.

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Was he not just after all the stock from HoF rather then the guts of the business itself? 

 

Aye. He wanted all their denim stock, so he could stitch them together for a new pair of extra swoopy boot cut jeans.

 

Sewpa cut.

 

 

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