THE WHAT? UK-based department store chain, Fenwick has sold its New Bond Street store in London to Lazari Investments for £430 million, according to a report published by Drapers.
THE DETAILS The deal is expected to complete in early 2023, but the store will continue to trade for another 12 months.
THE WHY? Fenwick Chair, Simon Calver told Drapers, “This deal will enable the business to continue to serve communities in stores and online for many years to come. The sale has been a difficult decision for the Fenwick family, who are committed to providing the business with the means to thrive for the long term. Their support will enable the next stage of the journey for the Fenwick family business.”
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