Frasers Group Buys 6 Harvey Nichols Stores, Saving 1,000 Jobs
Updated
Updated · bbc.co.uk · Aug 13
Frasers Group Buys 6 Harvey Nichols Stores, Saving 1,000 Jobs
3 articles · Updated · bbc.co.uk · Aug 13
Summary
Frasers Group will take control of Harvey Nichols’ six UK stores, online business and international franchise, while the department store continues operating under its existing licensing arrangements.
Harvey Nichols had warned this week it could cease trading within a year without fresh investment, after appointing an administrator in June amid mounting financial distress.
Michael Murray said Frasers sees long-term potential in the 1831-founded retailer but expects a tough turnaround that could leave the business smaller in the near term.
FTI Consulting said the sale secures more than 1,000 jobs and preserves a future for the luxury chain, whose flagship store is in Knightsbridge and which sells more than 800 premium brands.