Frasers Group has announced that the House of Fraser store in Oxford Street is to close in January 2022.
A spokesperson commented; “It is with regret that we have been served notice by the landlord to close House of Fraser, Oxford Street – following granted planning permission to redevelop the site.
Since acquiring in 2018, despite challenges faced, we have worked collaboratively with the landlord to keep the store trading 3 years longer than what was initially proposed by the previous owner.
As a business, who is continuing to invest significantly into the British high street, we feel it’s only fair to recognise and request an urgent review of the current archaic business rates, which continue to be astonishingly outdated. If business rates were reviewed it would support the future of House of Fraser. Without this, further store closures are inevitable.
We would like to take this opportunity to thank our staff for their hard work and dedication.”
The owners of the House of Fraser (HoF) building now have planning permission for a £100 million redevelopment that will see much of it being converted to office use.