Fenwick has agreed to sell its Bond Street store to a property development firm Terms were not divulged. Fenwick will continue to trade from the premises until the end of 2023 and will be seeking to redeploy affected staff when it closes.
Fenwick says it will use some of the funds achieved to further invest in its online channel and upgrade its other stores whilst also shoring up its pension fund and repaying debts.
CEO John Edgar said: “The capital injection from this transaction will put Fenwick in a much stronger position to grow its online business and concentrate on cementing our position as the home of excellent hospitality and a premium retail edit. After considering a range of options, it was decided that selling the Bond Street property is the right course of action to set us on the strongest possible footing for the future.”
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