House of Fraser has announced more than 50% of its UK stores could close as it struggles to survive.
The company is the latest household name to be hard hit by the high street shopping slump.
Its current business model has been labelled "unsustainable" and to cut costs more than half its stores have been marked up for potential closure.
On Thursday (June 7) it announced 39 of its 59 UK stores, including its Oxford Street flagship store, may close by early 2019.
The firm also plans to relocate its Baker Street head office and the Granite House office in Glasgow to new locations and up to 6,000 jobs are at risk if the cost-cutting proposals go ahead.
House of Fraser will seek approval from its creditors for the plans over the next 17 days in which time the company will continue to trade as normal, both through its stores and online.
Chairman of House of Fraser, Frank Slevin, said: “The retail industry is undergoing fundamental change and House of Fraser urgently needs to adapt to this fast-changing landscape in order to give it a future and allow it to thrive. Our legacy store estate has created an unsustainable cost base, which without restructuring, presents an existential threat to the business.
"So whilst closing stores is a very difficult decision, especially given the length of relationship House of Fraser has with all its locations, there should be no doubt that it is absolutely necessary if we are to continue to trade and be competitive.
We have had constructive dialogue with a number of key stakeholders to date, and we will continue this engagement over the next 17 days. Ultimately, it will be for individual creditors to decide how they will vote on the CVAs. We believe the proposal has sought to find a solution that is fair for all parties, enabling us to secure vital new capital from C.banner. Our immediate focus is on our colleagues with whom we are communicating openly and supporting at this time.”
Two west London House of Fraser stores are set to get the axe - you can see a full list of the ones at risk of closure below.
Full list of House of Fraser stores at risk of closure
Altrincham
Aylesbury
Birkenhead
Birmingham
Bournemouth
Camberley
Cardiff
Carlisle
Chichester
Cirencester
Cwmbran
Darlington
Doncaster
Edinburgh Frasers
Epsom
Grimsby
High Wycombe
Hull
Leamington Spa
Lincoln
London Oxford Street
London King Willam Street
Middlesbrough
Milton Keynes
Plymouth
Shrewsbury
Skipton
Swindon
Telford
Wolverhampton
Worcester