Mike Ashley’s Frasers Group has confirmed that the House of Fraser’s flagship Oxford Street store will close in January.
A Frasers Group spokesperson said, “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 (House of Fraser) 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.”
They added, “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to recognise and request an urgent review of the current archaic business rates, which continue to be astonishingly outdated.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.”