British department store House of Fraser is being bought by Chinese conglomerate, Sanpower. It has agreed to a deal valuing the business at more than €545 million.
It is reported Sanpower could spend up to €96 million revamping stores and making improvements to the House of Fraser website.
It may also take the department store into China.
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House of Fraser has 61 stores in Ireland and the UK - including outlets in Dublin and Belfast. It also has a store in the World Trade Center Mall in Abu Dhabi.
The retailer has annual sales of stg£1.2 billion (€1.45) with 7,300 House of Fraser staff and 12,000 concession staff.
