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SharePrice.com - UK Share Information - Monday, 20th August 2018

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House of Fraser Cancels All Online Orders


Friday, 17th August 2018

The department store has said that it will cancel all orders that were placed online and issue refunds to customers, following the delivery delays. They have also told more than 1,000 suppliers that they will not be paying money owed before the 10th August, when Sports Direct bought the company out of administration.

On Wednesday, the store took its website down, as deliveries had begun to back up. The cancellations have caused anger among customers, who complained about the lack of communication and the slow refunds.

Sports Direct purchased the chain just hours after it went bust. They already had an 11% stake in House of Fraser, which had been planning to close 31 stores as a part of a restructuring program. Mike Ashley says that he will be working to keep open most of the 59 stores that House of Fraser currently has.

Shares in Debenhams have benefited from the purchase of House of Fraser, as rumours have now surfaced that Mike Ashley may be merging Debenhams with its rival. Debenhams is another ailing department store, which has issued a number of profit warnings already this year. Ashley owns almost 30 percent of Debenhamís issued capital, which is not far from the threshold at which he would be required to issue a takeover bid.


Read previous editors articles here


Stock Market Update

Friday, 17th August 2018

The FTSE 100 was flat at 7,558 on Friday afternoon as losses among miners eased back.   Antofagasta shed 2% to 827p and Anglo American declined 0.6% to £15.34.  There was a ...
Friday, 17th August 2018

There was little corporate news to support the FTSE 100, down 0.1% at 7,548 around midday.  Weakness among miners and housebuilders dragged on performance with Persimmon down 1.8% at £24.24 and ...
Friday, 17th August 2018

UK stocks eked out modest gains at the open on Friday after a strong result from retail giant Walmart boosted Wall Street, though the Turkish lira fell as the US ...

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