The group, which also owns Sports Direct and Flannels, has acquired most of the chain’s stores from FTI Consulting securing more than 1,000 jobs

Mike Ashley’s Frasers Group has purchased Harvey Nichols, rescuing the embattled luxury department store from the brink of insolvency.

The group, which also owns Sports Direct and Flannels, has snapped up each of the chain’s stores, excluding the Dublin location, from FTI Consulting through a pre-pack administration process.

Frasers’ takeover of Harvey Nichols represents the latest move in its drive into luxury fashion, as it seeks to expand beyond its origins in cut-price sportswear.

The firm, founded by billionaire Mike Ashley, has seen off rivals including FTSE 100 retail giant Next, which had also been involved in the bidding process.

The deal will safeguard the jobs of more than 1,000 members of staff, though Harvey Nichols employs around 1,200 in total, suggesting a number of redundancies will follow. Frasers will also acquire the group’s online operation and existing stock, as reported by City AM.

Frasers stated it will need to commit to “significant restructuring” of the department store group, which has recorded five successive years of losses after buckling under fierce competition from rivals Harrods and Selfridges. In the UK, Harvey Nichols has stores in London, Bristol, Manchester, Birmingham, Leeds and Edinburgh.

Prior to the deal, Ashley warned that Harvey Nichols – which had risen to prominence through its association with the 1990s sitcom Absolutely Fabulous – had fallen into a “death spiral”. He told the Financial Times that he anticipated the department store chain would be sold for less than £40m.

“I don’t think I’ll be writing a huge cheque, because you’ve got to think about the future losses,” he had said.

Earlier this week, directors of the Knightsbridge-based Harvey Nichols warned that the business faced collapse unless it secured a buyer or obtained emergency funding.

Confirming the deal on Thursday, Frasers chief executive Michael Murray said: “Harvey Nichols is an iconic British institution with significant potential, but it is clear meaningful change is needed. “.

“The turnaround will require tough choices, and we are prepared to make those decisions, even if that means a smaller business in the near term, to create a stronger and more sustainable Harvey Nichols for the long term.”

Frasers has made several moves for luxury brands in recent years, including an unsuccessful attempt to gain control of upmarket bagmaker Mulberry.

Last month, the group submitted a £1.7bn offer for German fashion house Hugo Boss. Frasers subsequently increased its stake in the company to 37 per cent, triggering a mandatory offer for all of the shares it does not already own.

Frasers said its acquisition of Harvey Nichols will build on the group’s “elevation strategy, strengthening its luxury positioning”. Julia Goddard, chief executive of Harvey Nichols, said: “Today marks an important milestone for Harvey Nichols and provides a strong platform for the next phase of the business’s evolution under the ownership of Frasers Group.

“Over the past year, we have made significant progress in repositioning this iconic business, investing in our flagship store, broadening our customer proposition, and strengthening the brand DNA.”

Tyson Foods announced Thursday that it will close two facilities and is pursuing the sale of a third as it makes “strategic changes” to its beef business.

The company will end operations at its Joslin, Illinois, beef plant and its Eagle Mountain, Utah, case-ready facility, while pursuing a sale of its Pasco, Washington, beef facility, according to a Tyson Foods news release.

“Tyson Foods will anchor its beef business around three strategically located beef facilities in the central United States: Dakota City, Nebraska; Holcomb, Kansas and Amarillo, Texas, to create a more competitive footprint amidst one of the most historic cattle shortages the country has ever experienced,” the meatpacking giant said.

HIGH BEEF PRICES HITTING CONSUMERS AS MEATPACKING GIANT WARNS OF SUPPLY STRUGGLES

Beef cattle gather in a pasture. Tyson pointed to recent data showing continued limited heifer retention, a sign that tight cattle supplies could persist. (Angela Piazza/The Dallas Morning News, File)

Tyson pointed to recent data showing continued limited heifer retention, a sign that tight cattle supplies could persist.

“Recent USDA cattle inventory data, which included continued evidence of limited heifer retention, indicates these supply constraints are likely to persist, requiring strategic action,” the company said.

Capacity from the Illinois and Utah facilities will be shifted to other Tyson locations that the company said have “ample capacity to grow.”

Tyson also plans to ramp a second shift back up at its Amarillo, Texas, plant as more cattle become available.

US SOYBEAN FARMERS RACE TO MEET GLOBAL DEMAND AS FARMLAND SHRINKS

Capacity from the Illinois and Utah facilities will be shifted to other Tyson locations that the company said have “ample capacity to grow.” (Cheng Xin/Getty Images)

“These changes will allow the company to maintain a similar level of cattle harvesting across a more efficient and modern network,” the news release states.

The company also said it will support employees affected by the closures.

“The company is committed to supporting our team members through this transition, including helping them apply for open positions at other facilities,” Tyson said. 

The changes come as American consumers continue to face elevated beef prices and meatpackers grapple with tight cattle supplies and higher costs.

TRUMP DECLARES FOOD SUPPLY EMERGENCY, SUSPENDS TARIFFS ON KEY FERTILIZER IMPORTS

Tyson Foods packaged steak strips are displayed at a store in Washington, D.C., on Nov. 19, 2012. Tyson also plans to ramp a second shift back up at its Amarillo, Texas, plant as more cattle become available. (Andrew Harrer/Bloomberg via Getty Images)

The U.S. cattle herd has fallen to historically low levels due to drought reducing forage areas in key ranching regions, which forced ranchers to liquidate cattle. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Tyson highlighted those pressures during its recent earnings call, with CEO Donnie King saying, “Beef hasn’t performed the way we expected, and we’re not pretending otherwise.”

FOX Business’ Eric Revell contributed to this report.

Operator

Welcome to Onex Second Quarter 2026 Conference Call and Webcast. [Operator Instructions] As a reminder, this conference call is being recorded.

And now I’ll hand the conference over to Zev Korman, Vice President, Shareholder Relations & Communications at Onex. Please go ahead, sir.

Zev Korman
Vice President of Shareholder Relations & Communications

Thank you. Good morning, everyone. Thanks for joining us. We’re broadcasting this call on our website. Hosting the call today are Bobby Le Blanc, Onex’s Chief Executive Officer; and Meg McClellan, our Chief Financial Officer. Also joining today’s Q&A session is Paul Brand, Chief Executive Officer of Convex.

Earlier this morning, we issued our second quarter 2026 press release, MD&A and consolidated financial statements, which are available on the Shareholders section of our website and have also been filed on SEDAR. Our supplemental information package is also available on our website.

As a reminder, all references to dollar amounts on this call are in USD unless otherwise stated. I must also point everyone to our webcast presentation for our usual disclaimer and cautionary factors relating to any forward-looking statements contained in today’s presentation and remarks.

With that, I’ll now turn the call over to Bobby.

Robert LeBlanc
CEO, President & Director

Good morning, everyone. I’d like to thank Convex’s CEO, Paul Brand, for joining Meg and me for this call and for being available to answer your Convex-related questions when we get to

The UK’s largest car manufacturer said revenues fell by 9.6% year-on-year to £6bn for the three months to June 30

Jaguar Land Rover has reported a sharp drop in sales after the supply of new vehicles was disrupted by a fire at a parts supplier and disruption linked to the conflict in the Middle East.

The company, owned by India’s Tata Motors, said revenues were further hit by the planned phase-out of several Jaguar models.

The UK’s largest car manufacturer disclosed that revenues fell by 9.6% year-on-year to £6 billion for the three months to June 30, driven by a 9.2% decline in car volumes.

The figures came after car production was severely disrupted by a series of factors, including a fire at a supplier’s factory.

JLR temporarily halted production of its Range Rover and Range Rover Sport models at its Solihull plant in March, following a major blaze at the factory of a component manufacturer in Norway.

Car sales volumes have also been affected by Jaguar’s decision to cease production of a number of diesel and petrol-powered models, including its F-Pace.

Jaguar is shifting its focus towards electric models as part of a wider strategic overhaul aimed at reviving the brand’s fortunes.

PB Balaji, chief executive of JLR, said: “Despite the near-term industry challenges, we continue to see strong demand for our brands and look forward to the launch of four sensational new products in the coming months: Range Rover Electric, Range Rover Sport Electric, Range Rover GT and Jaguar Type 01.

“I would like to thank all our people, suppliers and retail partners for their continued dedication, resilience and support.”

JLR also posted a pre-tax profit, excluding exceptional items, of £109 million for the quarter, down from £351 million recorded during the same period a year ago.

Profit margins were further dented by a one-off provision tied to US fuel economy regulations, which partially counteracted the benefits of reduced US-UK tariffs.

Bank worker Yongjoon Kim lost 20 million Korean won ($14,000; £10,500) on the South Korean stock market last month.

Kim’s money was meant to help buy a home, as he is getting married later this year.

Instead the value of his tech investments slumped by around 25% in July.

“It’s going to sting and I’m going to have to work really hard to make up for this,” Kim says. “But for others who have taken more risk, they’re going to feel the pain.”

Many of his friends are worse off, and now in a “desperate” situation after “going all in” with their savings, he says.

While plenty of investors are piling into technology stocks, sharp market swings mean the bets don’t always pay off, with prices often moving on every major headline.

Nowhere is that instability more pronounced than in South Korea’s tech-heavy Kospi, widely regarded as the world’s most volatile stock index.

A global frenzy around artificial intelligence has driven wild swings in the value of the country’s biggest chipmakers.

The Kospi faced “one of the sharpest corrections” in its history between June and August, comparable to the drops seen during Covid-19 and the 1997 Asian financial crisis, says Wee Khoon Chong from financial services company BNY.

The index more than doubled its value since the start of the year to rise above 9,000 points in mid-June, before plunging to 5,500 within a few weeks. It has now recovered some ground to about 6,800 points.

Once again, the inflationistas who are really rooting against new Fed head Kevin Warsh have been proven wrong. The June inflation numbers went negative. The July inflation numbers did almost the same thing. Consumer prices were basically flat, and producer prices the same.

I don’t really think much of the producer price index the way it’s been reconfigured by the Bureau of Labor Statistics, but anyway it was flat, 0.0 percent, for July. So for the last 3 months, the PPI is running 1.3 percent at an annual rate. And the CPI is up 0.5 percent at an annual rate. You can chop and slice and dice these numbers 100 different ways, but the reality is, disinflation is setting in this summer.

And just to confuse the matter, if you look at the old Producer Price Index, before the BLS mucked it up, and when it used to actually represent wholesale prices, the old way shows two negative prints in June and July and a 0.7 percent annual rise over the past 3 months. Now, that doesn’t mean that the inflation battle is over. It just means that Mr. Warsh was correct in not moving to raise the Fed’s target rate in his first few months in office.

Mr. Warsh is steady as you go, with a clear commitment to bring inflation back to its 2 percent target. A feat that his predecessor, Jay Powell, couldn’t achieve for five years. And as the Wall Street Journal editorial board points out, Mr. Warsh is not using “forward guidance”  because it’s not necessary and people should focus on the actual data — not a dozen Federal Reserve regional presidents babbling all over the country. And the chairman himself is not leaking to certain reporters about what he intends to do. In other words, Mr. Warsh is cleaning up the system.

Now in terms of the inflation numbers, for context, the Cleveland Fed’s median CPI for the last 12 months is 2.7 percent. And its 16 percent trimmed mean is 2.6 percent. Mr. Warsh watches these alternative measures. So, the Fed is likely to stay on hold for a while, to see if the underlying inflation numbers come down to the 2 percent target. Along the way, they will hopefully be reducing their balance sheet holdings of Treasuries and treasury-backed securities.

Yet progress is progress, the Warsh critics are wrong. And the S&P 500 stock market index hit a new record high today, 7,800. And I know some people don’t like it when President Trump boasts about the stock market records. But I like it. As he put it on Tuesday night: “The country is doing well. The stock market, a fantastic record. We have 79 records so far in a short period of time.”

That’s right, I like it a lot. And you know who else likes it? Roughly 156 million American adults. That’s right. Ordinary working folks are participants in the stock market. It’s not just the wealthy pied-à-terre crowd in NYC, or rich people for short. It’s roughly 58 percent of adults, according to the Gallup poll, which comes to about 156 million American adults who own stock one way or another: index funds, ETFs, IRAs, brokerage accounts, bank accounts, even union pension funds.

That last one’s kind of my favorite, because most of the union leaders, most of them corrupt and stealing from those pension funds, filled with lefty Trump haters, even they benefit because a big chunk of their funds are invested in stocks. So the market’s having another great year, with a booming high-tech and manufacturing related economic prosperity, that all has a lot to do with Trumpian policies.

Is that going to help in the midterm elections? I’m going to bet that it does help. Americans love Trumpian free enterprise prosperity, not socialism.