Billionaire Mike Ashley today bought House of Fraser for £90million - 82 minutes after it plunged into administration putting 17,000 jobs at risk.
The beleaguered department store chain needed a cash injection before August 20 and is closing 31 stores, including its flagship Oxford Street branch.
Today Mr Ashley, who already owned 11 per cent of the business, bought the its remaining 28 shops, all the stock and the brand for £90million.
Its website is offline today but the business says it is honouring all online orders and honouring returns and vouchers, for now.
Administrators EY stepped in today at 8.34am and Mr Ashley's deal to buy it was announced at 9.56am.
The Sports Direct founder, who has previously said he dreamed of owning a UK department store, faced a rival bid from Philip Day, the billionaire owner of Edinburgh Woollen Mill.
When House of Fraser toppled into administration today it ended 169 years of trouble-free trading for the retailer.
House of Fraser is set to go into administration today putting 17,000 jobs at risk and 31 stores face closure
Mike Ashley is said to be waiting in the wings as is Edinburgh Wool Mill billionaire Philip Day to buy up the department store
House of Fraser will go into administration today having been plunged into fresh crisis after C.banner, the Chinese owner of Hamleys, pulled its investment into the troubled retail chain.
C.banner was planning to buy a 51 per cent stake in House of Fraser and plough £70million into the ailing retailer, but scrapped the move last week.
Timeline: House of Fraser's financial crisis
2014: Sanpower group, owned by Chinese industrialist Yuan Yafei, buys House of Fraser. The new owner announces big plans to grow the business and expand into China by investing £75million in the business.
2015: House of Fraser posts its fifth straight year of statutory losses as the group suffers hefty charges related to its £300million refinancing, which it had used to fund store refurbishment and improve its buy-and-collect service.
2016: Despite Sanpower's big expansion plans, by December of this year only one outlet has opened, in Chinese city of Nanjing.
September 2017: House of Fraser gets its first cash injection from its Chinese owner, who finally pumps in £25million.
May 2017: Chief executive Alex Williamson is brought in. He launches a turnaround effort to overhaul House of Fraser's product range and stores while trimming costs. He says he wants to cut property costs by 30 per cent within five to ten years.
January 2018: The struggling department store says it will close failing stores or reduce the size of others after recording disappointing Christmas sales.
March 2018: Sanpower announces plans to offload 51 per cent of its 89 per cent stake to a mystery Chinese leisure firm called Wuji Wenhua. Meanwhile another suitor appears – Chinese company Fullshare, controlled by billionaire Ji Changqun. However, the company issues a profit warning a fortnight before the deal is expected to be finalised.
April 2018: Accounting giant KPMG is called in to look into possible restructuring plans.
May 2018: The firm draws up proposals for a company voluntary arrangement – an insolvency process that could see it close up to 30 of its 59 stores and negotiate dramatic rent cuts on others. That is the condition to access £70million funding pledged by a second Chinese firm, C.banner, which owns the Hamleys toy shop in London. The Chinese owner of Hamleys, C.banner, has made access to the funds conditional on a restructuring deal being done.
June 7, 2018: The department store goes ahead with the CVA, which will result in the closure of 31 of its 59 stores across the UK and Ireland.
August 9, 2018: The chain announces it has just days to find new funding after C.banner pulls out.
House of Fraser chairman Frank Slevin said today: 'This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan.
'Despite the very recent termination of the transaction between Cenbest and C.Banner, I am confident House of Fraser is close to securing its future.'
Alex Williamson, chief executive of House of Fraser, said: 'We are hopeful that the current negotiations will shortly be concluded.
'An acquisition of the 169-year-old retail business will see House of Fraser regain stability, certainty and financial strength.
'In the two weeks since the Cenbest and C.Banner transaction ceased, the directors have brought forward a number of potential buyers and the group's financial advisors have run a comprehensive M&A process to identify and then develop other third party interest that has culminated in the senior secured creditors leading negotiations with parties at a critical pace.'
House of Fraser's lenders, which include HSBC, are now locked in talks with would-be suitors, including tracksuit tycoon Mike Ashley and Philip Day, the billionaire owner of Edinburgh Woollen Mill.
The pair are submitting proposals to rescue House of Fraser this week.
It is understood that an offer by retail restructuring specialist Alteri, which was also in the running, is not being taken seriously by the lending group.
Prior to the latest crisis, House of Fraser had recently agreed a so-called Company Voluntary Arrangement (CVA) with landlords to close half of stores, with 6,000 jobs in the firing line.
Under the rescue plan the chain's flagship Oxford Street store would have closed along with 30 others including those in Birmingham and Edinburgh.
The firm, brought by Chinese firm Sanpower for £480million in 2014, would have no stores left open in Wales stores as both the Cardiff and Cwmbran branches were set for closure.
The department store's struggles are the latest big-name blow to the British high street which is facing crisis as chains increasingly are shutting stores to focus on online sales.
The retail sector is Britain's biggest employer with 4.6million working in the industry.
But in recent years as shoppers move online, jobs have increasingly been put as risk with the likes of New Look and Marks and Spencer announcing store closures this year and Maplin and Toys R Us closing altogether.
House of Fraser was founded by Hugh Fraser and James Arthur in Glasgow in 1849 as a drapery shop called Arthur and Fraser. It took on its current name in 1941.
In 1985 it was bought out by the Fayed brothers, the owners of Harrods, for £615million, who floated the company on the London stock exchange began a major refurbishment of the department store.
The chain launched online in 2007 and opened its first international store in 2013 in Abu Dhabi.
House of Fraser's current owner - the Chinese conglomerate Sanpower Group - bought 89 per cent of the department store in September 2014 for £480million.
After disappointing Christmas sales last year it announced it would close failing stores and reduce the size of others, beginning the latest chain of financial rescue efforts.
House of Fraser's flagship store in Oxford Street (pictured) was one of those set for closure
Decline of the High Street: The retailers struggling to stay afloat as online rivals take their customers
Toys R Us: The toy chain went into administration on the last day of February after failing to find a third-party buyer. In February, HMRC sought to recover £15 million in unpaid VAT and this finally tipped the company into administration.
Maplin: One of the UK's biggest electronics retailers collapsed into administration on the same day as Toys R Us after talks with buyers failed to secure a sale. The business faced the slump in the pound after the Brexit vote, weak consumer confidence and a withdrawal of credit insurance.
Conviviality Retailing: The major drinks and off-licence supplier that owns Wine Rack and Bargain Booze went into administration in early April. The company had grown too quickly by merger, there were a series of profit warnings and a £30 million tax bill for which Conviviality was forced to ask for extra funds from investors - who refused.
Warren Evans: The bed, mattress and furniture retailers in London and the South East went into administration one week after putting itself up for sale. The retailer, known for its ethical stance, had been losing money for some time under the pressure of rising costs and shrinking customer spending.
Calvetron: The owner of Jacques Vert, Windsmoor, Dash and Eastex fashion brands that ran about 300 UK concessions in stores including Debenhams and House of Fraser, went into administration at the start of May. Bosses said inflation and wage freezes had been a driving force behind decreased spending.
Juice Corporation: The firm behind fashion brand Joe Bloggs and the retailer that designed the wedding dress for Diana, Princess of Wales, collapsed into administration in January. Although the group made profits, it had failed to make inroads into the fashion market.
Mothercare: The ailing baby goods and maternity retailer has proposed to close 50 stores as part of a planned turnaround for the company. It said losses were driven by the costs of 17 store closures last year, onerous leases and a head office restructure which resulted in 190 job cuts.
Carpetright: The embattled flooring firm is embarking on a store closure programme and has begun efforts to raise £60 million in emergency funding as it pushes through a restructuring after announcing it was expecting to book a full-year underlying pre-tax loss of between £7 million and £9 million.
Carluccio's: The upmarket deli chain has unveiled a restructuring plan that will likely lead to 34 restaurant closures as it cited a combination of a gradual decline in consumer spending and increasing competition, coupled with the rising costs of labour, raw materials, rent and business rates.
Other restaurants that have undertaken company voluntary arrangements so far this year include Byron, Prezzo and Jamie's Italian.
New Look: The clothing chain announced earlier this year that it would close 60 UK stores and cut 1,000 jobs as part of a financial restructuring.