MIKE Ashley's Sports Direct has agreed to buy the House of Fraser chain for £90m.

Toiday the department store went into administration after talks between the retailer and its creditors failed to reach an agreement.

All of its 59 shops were set to open as usual on Friday, including the 31 that had already been marked for closure.

House of Fraser - which began trading 169 years ago - employs 17,500 people, including 11,500 concession staff.

Sports Direct said in a statement: "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."