The BBC reported that fashion chain Sports Direct has agreed to buy the House of Fraser department store chain for £90 million, after Chinese firm C.banner pulled out of a rescue deal earlier this month. The acquisition was announced just hours after the 169-year-old chain went into administration when talks with its creditors failed to reach an agreement. Sports Direct owner and retail mogul, Mike Ashley, said his plan was to turn the 59-store chain into the "Harrods of the High Street". A senior retail analyst at GlobalData, said: "To give House of Fraser the best chance of survival, Sports Direct and its owner Mike Ashley must make drastic changes to both its product proposition and store environment to entice shoppers back." It will be interesting to see how this rescue mission plays out.