Sports Direct International plc has bought House of Fraser for £90 million.
House of Fraser, who employ 17,500 people, went into administration early on Friday morning after talks with its creditors failed to reach an agreement.
Sports Direct’s Mike Ashley already owned 11 per cent of House of Fraser before Friday’s acquisition.
A statement from Sports Direct said: “The Group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business.”
Mike Ashley had previously stated that he wants to turn Sports Direct into the Selfridges of sport, however, his plans for the department store chain are yet to be revealed.