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Fenwick, the 140-year-old department store, has announced that it will be closing its New Bond Street branch in central London as it has been sold to Lazari Investments for £430m.
As a result, it is reported that the store, along with the adjoining property, will shut its doors sometime in 2024.
It is reported that Lazari Investments plans to turn the London store into a mixed use development.
The news of the retailer’s decision to sell its London location comes as the company reportedly needs the funds for a “significant” investment in its online business and its Newcastle and Kingston branches.
According to Fenwick’s chairman, Simon Claver, the sale has been “a difficult decision for the Fenwick family”, as the department store first opened it in central London in 1891.
Claver also added that the company’s leadership team was “committed to providing the business with the means to thrive for the long term”.
In a statement, the department store said: “Amid the turbulent economic environment, fresh capital investment is required in order to return the business to profitable growth.”
Following its sale Fenwick will be left with eight stores in the UK, including its flagship in Newcastle, York, Brent Cross, Colchester and Kingston.
