Harvey Nichols following takeover: redundancies and closures on the horizon

(update) Now that Frasers Group, the retail group behind Sports Direct and Flannels, has taken ownership of the British luxury department store Harvey Nichols, the new owner is immediately warning that a major restructuring is required and that shop closures may follow.

“A smaller company”

Frasers is taking over six British Harvey Nichols department stores, whilst the online shop, existing stock and international franchise agreements are also being transferred to the new owner. More than 1,000 employees are affected by the transaction. The parties have not disclosed an official purchase price, but The Guardian estimates it at around 40 million British pounds.