According to the BBC, the delay in publishing the full-year results for Sports Direct was partly as a result of the Belgian tax authorities sending a bill for €674m.
House of Fraser was purchased for £90m from the administrators and as a result Sports Direct profits have reduced by £51m.
Mike Ashley has now commented that there will be "a lot of store closures".
Commenting on House of Fraser, Neil Wilson, chief market analyst at Markets.com, said: "It's a House of horrors, more like."
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