The retailer said "significant progress has been made" in reaching a sale of the group's business and assets.
House of Fraser said administrators Ernst & Young had confirmed that the business would continue trading, including all stores and offices, while they attempted to complete a sale.
Back in June House of Fraser announced that 31 stores would be closing, impacting around 6,000 jobs. A scene on the store said it would open later than usual at 11am.
The announcement came just two hours after the formal court hearing to put House of Fraser into administration.
The retailer has one store in Dublin and one in Belfast, though neither were in the cohort of outlets marked for closure under the rescue plan.
The Chinese-owned department store group set out the race against time in a statement to the Luxembourg stock exchange, where its bonds are listed.
A statement from Alun Hudson said: "We have worked very closely with management, its advisors and creditors in recent weeks and are pleased that we have been able to successfully conclude a sale of the business in short timescales which preserves as numerous jobs of House of Frasers employees as possible".
Chairman Frank Slevin said: "This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan".
Thousands of anxious shopworkers at House of Fraser stores and its concessions are now waiting to discover their fate.
The chain said discussions between interested investors and its main creditors did not conclude in a "solvent solution" and it has no choice but to appoint administrators.