130 YEAR OLD FENWICK STORE CLOSES

The Fenwick department store will close its 130 year old store located in the New Bond Street in central London as it has been sold to Lazari Investments and will shut its doors in 2024.

Fenwick’s chairman, Simon Calver said that the sell would site to fund significant investments in its online business and other stores, it was a difficult decision for the Fenwick family as it has been in the family since 1891.

Following its sale Fenwick will be left with eight stores in the UK, including its flagship in Newcastle, York, Brent Cross, Colchester and Kingston.

“Amid the turbulent economic environment, fresh capital investment is required in order to return the business to profitable growth,” said Mr. Calver.

Mr Calver added the company’s leadership team was committed to providing the business with the means to thrive for the long term. Funds from the sale will go towards making major investments in stores across the country, including at its Newcastle and Kingston branches, the firm said.

Source: BBC