Ashley has the right to launch a takeover of Mulberry in 2021, if a third party steps forward or the company’s owners seek to buy it outright.

The controversial Ashley founded Sports Direct and owns the House of Fraser retail chain.

The British retailer, which focuses on niche brands and high levels of service, will roll out to 20 Fraser and Flannels stores.

Byland was set up by the brand’s Chinese franchise partner, Rebecca Feng.

Shareholders’ stakes have been wiped out and the company has suspended trading, but commercial operations are still running. 

The company plans to shutter 11 stores and 33 concessions in House of Fraser, putting 97 jobs at risk.

The company has sought bankruptcy protection just two years after an 11 million pounds injection from Rockpool Investments.

New owner Mike Ashley is faced with mounting debt and the industry wonders how he will repair relationships.

The brand expects to spend 3 million pounds to cover costs resulting from the retailer’s troubles.

The department store owes millions of pounds to its creditors including Giorgio Armani and Mulberry.

The cuts occur after the British retailer issued three profit warnings this year.

The retailer reportedly has at least 50,000 unfulfilled online orders.

Ashley wants to stock Gucci and Prada among other luxury brands.

House of Fraser could be the biggest challenge yet for Sports Direct tycoon Mike Ashley in a cold climate for British high-street retail.  

The troubled retailer called in Ernst & Young early Friday, hours before a distressed sale to retail tycoon Mike Ashley.