House of Fraser's flagship branch on Oxford Street has been saved from closure after new owners Sports Direct pledged to keep the store open.
The site was one of 31 slated for closure under a company voluntary arrangement (CVA) which was passed earlier this year. But the restructuring plans were rendered void when House of Fraser went into administration this month.
Mike Ashley has pledged to turn House of Fraser into the 'Harrods of the high street' following Sports Direct's £90m takeover of the business, and promised to keep the majority of stores open.
Today Michael Murray, Sports Direct's head of elevation said: “We said we would keep as many stores open as possible, and in less than a week we have saved the biggest store. Oxford street was meant to close in January and now it’s safe which is great news for all parties."
He added a warning for all involved players to "remember it was a bust business and we need landlords, councils and brands to pull together to save House of Fraser on the high street.”
This came as a pointed remark after it emerged that House of Fraser collapsed owing millions to creditors. Yesterday Mulberry shares plummeted after it said the administration of the chain would weigh on its profits.