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."
Sports Direct says it regrets rescuing House of Fraser in its much-delayed results, which revealed a €674m (£605m) tax bill from Belgian authorities. The firm, which bought the department store out of administration a year ago, said: "If we had the gift of hindsight we might have made a different decision in August 2018." It described problems at House of Fraser as "nothing short of terminal".