House of Fraser Seeks Bankruptcy Protection as Ashley Readies a DealThe troubled retailer called in Ernst & Young early Friday, and a distressed sale to Mike Ashley is looking likely.

[Collection]LONDON – Britain’s House of Fraser is seeking bankruptcy protection after talks to find a new investor failed, although it appears as if retail tycoon Mike Ashley will swoop on the retailer in a last-minute deal. House of Fraser said in a statement to the Luxembourg Stock Exchange early Friday that its discussions with interested investors and its main secured creditors “have not concluded in a solvent solution.” As a result, the directors of the group’s operating companies, “have therefore resolved to seek the appointment of administrators.” Ernst & Young LLP have been named with immediate effect, and the statement added that they will likely conclude a transaction shortly. Three bidders were understood to have tabled offers this week for the cash-strapped HoF, which saw its potential buyer, the Chinese company C.banner, pull out of a deal to buy a 51 percent stake. C.banner had been hoping to raise money for the purchase by selling shares, but their price collapsed suddenly on the Hong Kong Stock Exchange, forcing them to walk away earlier this month. The three bidders included Mike Ashley, the controversial retail tycoon and owner of Sports Direct. He already has a stake in HoF – and a variety of other U.K. retailers,

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