House of Fraser offered deal by Mike Ashley

HOUSE OF FRASER Image copyright PA

Struggling House of Fraser is understood to have been approached by Sports Direct founder Mike Ashley over a fresh investment deal.

The sports chain owns an 11.1% stake in House of Fraser, which last month detailed plans to close 31 of its 59 stores as part of a rescue deal.

According to Sky News,House of Fraser needs PS50m to prevent it collapsing.

But sources close to the department store chain have denied the chain’s survival is under threat.

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