Fenwick has sold its Bond Street store to Lazari Investments in a multi-million pound deal. In a statement, the company said it would sell the site to fund significant investment in its online business and its other stores.
The closure will decrease Fenwick’s physical presence to eight stores, and follows closures of the Leicester and Windsor stores over the past decade.
Chairman Simon Calver told The Times: “Decisions like this are always difficult, but it is absolutely the right think for the business. This was about what we need to do to ensure the business is on a really strong financial footing and can survive for another 140 years.”
In a statement, the company said: “Amid the turbulent economic environment, fresh capital investment is required in order to return the business to profitable growth.”
