The historic Knight & Lee 35,000 sq ft store in Southsea, Hampshire is due to close in July, the store is only one of two in the UK to have kept its original name.
Brexit is not a factor in this closure, the store need modernising and the size and state of repair restricted the “customer offer.”
Chairman, Sir Charlie Mayfield of the John Lewis partnership said earlier this year, “the two main factors are affecting the retail sector, oversupply of physical space and relatively weak consumer demand.”
Mayfield said full-year profits will be “substantially” lower for 2019.
Operations director and partner, Dino Rocos said, “We have not taken this decision lightly and we considered every implication for our partners, customers and the community.
“However, a unique combination of factors, including the significant investment required and the opportunity to sell the property freehold, makes this the right decision for the financial sustainability of our business.”
The company has said every effort will be made to find the 127 staff roles in other stores.
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