Sports Direct is to close its Oxford Street flagship store in London, announcing the news via closing down sale signs in the store’s window.
The news comes as more high street shops risk going out of business without further Government support during the Coronavirus pandemic, as warned by Frasers Group’s (parent of Sports Direct) CFO earlier this year.
Chris Wootton said the UK high street was already in “turmoil” before lockdown measures and would need further financial assistance to survive.
A member of staff confirmed to TheIndustry.fashion that the store was closing but it is not yet clear what Frasers Group’s intentions are for the location.
The group has begun to open new multi-brand stores featuring a number of its brands under one roof, with the latest opening in Portsmouth.
Last month, Sports Direct unveiled its first ever Christmas ad campaign, featuring a cameo from Liverpool FC captain Jordan Henderson, and showcasing the brand’s fresh new positioning and rebrand for 2021 and beyond.
Christmas lights continued to shine bright down Oxford Street in November despite a 4-week closure, with few shoppers continuing to purchase essential items, making use of click and collect services, and visiting the nearby area.
TheIndustry.fashion has contacted Sports Direct for comment.