Frasers Group news and archive

Frasers Group opens first Frasers store in Wolverhampton

Frasers Group has opened its first Frasers store in Wolverhampton, as part of a larger multi-brand shopping destination. Located in the Mander Centre, in a former Debenhams unit, the 34,000 square foot Frasers store offers over 120 brands spanning beauty, fashion, lifestyle, kids and home brands, as well as a restaurant for visitors. The new...

Apr 12, 2021

Report

Frasers Group warns of 200 million pound hit from Covid

Frasers Group has warned of a potential 200 million pound hit linked to Covid - twice the amount it estimated back in February. The group, which owns brands Sports Direct, Flannels, House of Fraser, and Jack Wills, said it believes further restrictions are “almost certain”, and said it is “continuing to assess the Covid-19 potential impact on...

Apr 9, 2021

Report

Frasers Group calls for inquiry into Peacocks sale

Frasers Group has called for an inquiry into the sale of Peacocks, which was bought out of administration this week after collapsing in November. Administrators from FRP announced Tuesday that Peacocks had been acquired by an international investment consortium lead by the discount retailer’s former chief operating officer, Steve Simpson....

Apr 7, 2021

Report

Frasers Group-owned Evans Cycles to cut 300 jobs

Frasers Group-owned bicycle retailer Evans Cycles is reportedly planning to cut more than 300 jobs and switch hundreds more staff to zero-hour contracts as the group looks to cut costs. In a document sent to staff, and seen by The Guardian, Evans Cycles said it intends to cut up to half of the workforce in many of its stores, from 813 to 475....

Mar 10, 2021

Management

Frasers Group calls business rates relief ‘near worthless’, mulls store closures

Mike Ashley’s Frasers Group has described the business relief package announced earlier this week by the government as “near worthless” support for bigger businesses. Chancellor Rishi Sunak announced Wednesday the 100 percent business rates holiday would be extended until June, after which a discounted of two thirds will be available for the...

Mar 5, 2021

Report

Frasers Group warns of 100 million pound hit from lockdown

Frasers Group says it expects a hit in excess of 100 million pounds linked to lockdown following the government’s announced Monday that non-essential stores will remain closed until April. The group, whose portfolio includes brands Sports Direct, Flannels, House of Fraser, and Jack Wills, said it expects to make “material accounting impairments”...

Feb 23, 2021

Report

Frasers Group sells entire stake in French Connection

Mike Ashley’s Frasers Group has revealed it sold its entire 24.93 percent stake in French Connection amid news the retailer has been approached by two potential buyers. French Connection confirmed on Friday that it had received one approach from Spotlight Brands in conjunction with Gordon Brothers International, and another from Go Global Retail...

Feb 8, 2021

Retail

Frasers Group to close iconic Jenners store in Edinburgh

Frasers Group is to close its iconic 180-year old Jenners department store on Princes Street in Edinburgh, resulting in around 200 redundancies. The store will close on 3 May, with new renovation plans for the space thought to include a hotel, cafés and rooftop bar and restaurant. It comes after Frasers failed to agree on a deal to extend its...

Jan 25, 2021

Report

Frasers Group increases Hugo Boss stake to 15.2 percent

Mike Ashley’s Frasers Group has upped its stake in German label Hugo Boss in its latest move to reposition itself in a more upmarket segment. The group announced Wednesday that it’s increased its stake in the label to 15.2 percent through stocks and derivatives, up from the 5.1 percent stake it acquired back in June 2020. Frasers Group, which...

Jan 20, 2021

Report

Frasers Group acquires fashion retailer Psyche

Mike Ashley’s Frasers Group has acquired the stores and online business of fashion retailer Psyche for an undisclosed sum. Psyche owner Steve Cochrane, who has run the business for the past 38 years and will continue as CEO following the takeover, said the deal would secure the future of his company and its 58 workers. “After 38 years as an...

Jan 4, 2021

Report

Arcadia suitors given 18 January deadline

Arcadia’s administrator Deloitte has reportedly accelerated the sale of the retail group’s fashion brands, giving potential suitors a deadline of 18 January to make final bids. According to The Times, Deloitte has narrowed the frontrunners down to just five, though they are understood to have been around thirty expressions of interest. Those...

Jan 4, 2021

Report

Frasers Group scraps guidance following fresh UK restrictions

Frasers Group has withdrawn its guidance after new Covid-19 restrictions announced for London and the South East over the weekend meant the closure of “virtually all” of its stores in those areas. The group said Monday it has withdrawn its guidance of a 20-30 percent increase in underlying EBITDA during FY21. It comes after Boris Johnson...

Dec 21, 2020