House of Fraser owner Frasers Group has reacted angrily after its flagship Oxford Street store was served notice to quit the premises.
The department store will shut its doors for the last time in January 2022.
However, the retailer, owned by tycoon Mike Ashley, claimed that the store could have survived were it not for the archaic business rates system.
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 it in 2018, despite challenges faced, we have worked collaboratively with the landlord to keep the store trading three years longer than what was initially proposed by the previous owner.
“As a business that 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to recognise and request an urgent review of the current archaic business rates, which continue to be astonishingly outdated.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.”
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