Harvey Nichols bought by Sports Direct owner

Luxury department store Harvey Nichols has been bought by the owners of Sports Direct, who warn significant restructuring will be needed to ensure the 200-year-old business remains sustainable. Mike Ashley's Frasers Group will take control of the Harvey Nichols stores, including its flagship in Knightsbridge, as well as the international franchise. The department store was immortalised in BBC sitcom Absolutely Fabulous, but had faced challenges in recent years. The firm had appointed administrators in June. Frasers Group's chief executive Michael Murray called the store a British institution with significant potential but added clear meaningful change is needed.