Several challenges came across the way of Sports Direct boss Mike Ashley as he took up the charge to turn around the House of Fraser. He bought the store chain in August and has planned to change the House of Fraser into the glamorous “The Harrods of the High Street”.
The Sports Direct had anticipated a growth towards the close of the financial year between 5% and 15%. Non-executive Chairman of the Sports Direct, David Daly could not express his gratitude towards Ashley as he has saved the jobs of many in the House of Fraser at a crucial point when High Street itself is facing a lot of hardships.
After a decline for quite a period of time, Mike Ashley had appointed himself to fix the condition that House of Fraser was trapped in. He has mentioned that his previous team handling the issue must not have been too careful and that is partly why the store chain remained insolvent for a quite a period of time. This followed his dismissal of the entire management team as well as the earlier directors.
With an entirely new team at present, it would be a bit difficult for Mike to cope up with the business. Many critics feel that he should have kept at least a few from the older team so that a link could have been maintained. Mike has affirmed the change of House of Fraser into “Harrods of the High Street”, and the stores would all be open. In recent news, he has been heard to say that the only significant thing that House of Fraser does not have at present is luxury brands.
After all the alterations and the news decisions taken for the store chain, it is hoped that it would come up to meet the expectations of the customers well.