House of Fraser collapsed owing creditors £484m, hitting brands such as Gucci

House of Fraser collapsed owing creditors £484m, hitting brands such as Gucci

Issuing a statement over the decision to cancel and refund all orders, House of Fraser said on Facebook: "We didn't take this decision lightly, but since we can not give our customers clear assurances of when their orders will be delivered, we believe cancellation is the best option".

However, this figure could rise as more creditors send in claims to EY. According to the BBC, warehouse operator XPO Logistics is owed GBP30m (US$38.2m) and stopped processing orders last week because of the dispute.

It also shows House of Fraser was knocked by a 7.7% decline in sales over the first 13 weeks of the year, and gross profit had fallen by £14.6 million.

"However, these actions were unable to address the downturn in trading performance and the directors concluded that the business had reached a stage where it was no longer able to continue to meet its ongoing costs in its current format", the report said.

Mr Ashley bought HoF for £90m in a "pre-packaged administration", which means he can drop certain liabilities through the insolvency process.

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Chelsea v Arsenal Player ratings from a 3-2 thriller Premier League

Others remained unsure whether or not they would be receiving their orders. There is now no engagement, and no plans for any engagement, with no stock moving in or out of the warehouses, the source said. "I paid for delivery and the money was taken out of my account".

"Does he truly want luxury brands in his stores or is he planning to let them go and do something else?" Administrator EY would be expected to pay supplier debts, but nearly all the proceeds will be soaked up by the demand's of banks and bondholders.

"It's hard to put any numbers behind what has developed over the past few days, although the likely scenario sees the HOF planned store closures go through, leaving Sports Direct with almost 30 sites to contend with", he said.

Sports Direct chief executive Ashley said at the time: "We will do our best to keep as many stores open as possible".

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