Mike Ashley’s Sports Direct has agreed to buy the House of Fraser department store chain for £90m.
Earlier on Friday, House of Fraser went into administration after talks between the retailer and its creditors failed to reach an agreement.
All of its 59 shops were set to open as usual on Friday, including the 31 that had already been marked for closure.
House of Fraser – which began trading 169 years ago – employs 17,500 people, including 11,500 concession staff.
Sports Direct said in a statement: “The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.”
Mike Ashley already held an 11% stake in the department store chain.
Earlier on Friday, House of Fraser had gone into administration after rescue talks had “not concluded in a solvent solution”.
However, the company hinted that a deal to buy the group was close, noting that, “significant progress has been made towards completing a sale of the group’s business and assets”.
Earlier this month, Chinese firm C.banner pulled out of a rescue deal.
Before that, House of Fraser had agreed a Company Voluntary Arrangement (CVA) with its creditors, under which would have closed 31 stores, putting 6,000 jobs at risk.