Kendals in downtown Manchester rescued after the landlord agreed new prices with owner Mike Ashley.
The Fraser House confirmed on Friday afternoon that the flag store will continue trading – also provide jobs for 568 people working there.
It is understandable that the City Council brokered Mike Ashley and landlords to reduce the unpaid rent of £ 4.36 million a year.
The council's spokesman said: "The City Council of Manchester was of crucial importance for positive action at the Fraser House and the landlord to ensure the future of this trade.
"About 568 jobs have been saved and one of the most famous department stores in the region lives. "
Sir Richard Leese, head of the City Council in Manchester, said: "Today's announcement is a fantastic news for the city and I'm proud that the council could play a constructive role in saving the real icon of Manchester City and hundreds of jobs.
"I would like to thank everyone involved in my positive engagement in this process."
Sporting billionaire Mike Ashley, who bought the Fraser house for £ 90m in August, added: "This shows that when landlords, local authorities and retailers work together, the results can be extraordinary.
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"When we work together we can make the right reasons for a high street."
Ram Rasiah, who represented Fraser's house during negotiations, described the result as a "significant job" for Manchester.
The development marks a dramatic turnaround after October's official announcement that the store will be closed in January.
That morning the clients came to close the door.
M.E.N then first reported the news that a well-known department store had to close its doors after 180 years of trading.
This triggered a tremendous reaction from customers and leaders in the region who promised to do everything to keep Kendals, as it has always been known, open.
Among them were the consultants of Manchestera Pat Karney and William Jeavons.
Tonight Mr. Karney listened: "Wow, I just heard, Kendals Saved.
"We've talked to so much overworked staff over the last few weeks.
"We are very pleased with all the staff who can now have a great Christmas. Return the name of Kendals."
Just last week, Santa's Grotto opened in Kendals for what was expected last time.
Store Manager Anne Latham said, "For years, the generations have visited the famous Kendal Grotto and this year is no exception.
"Last time before we close and experience the experience that needs to be remembered.
"See Santa Claus in his cave, meet his playful elves, photograph his picture, or why not join us on Saturday and Sunday for breakfast with Santa Claus."
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According to land registry records Kendals is owned by Deansgate Jersey No.1 Ltd, a limited liability company based in Jersey.
The second-class building was put up for sale in 2016 by the owner, who at that time was described as a "private investor" for 84.5 million pounds.
It was noted that House of Fraser then had 33 years to lease, with an annual lease of 4.36 million pounds.
Speaking at a time when Oliver Foster, Investment Property Director Savills, who was dealing with sales, described it as "a rare opportunity to buy a branded brand," adding that he expected the House of Fraser to generate a high level of interest among investors are based in the UK and abroad.
In August, the BBC reported that some of the owners of House of Fraser were asked to sign rentals equal to 5 percent of trade turnover.
The corporation reported that job would mean that most landlords would end up getting a financial hit, but it was better than closing the deal.
In September, Mike Ashley said that Altrincham's Fraser grocery store was rescued from closing.
Ashley hit a mediator in a visit at the last minute to make sure the store could keep the store.
The Stamford Quarter Store – known as the Rackhams – was scheduled for closure in June when the chain owners at the time announced a "restructuring proposal".
At a time when it was reported that a move could result in about 45 job losses.
Rackhams was one of the 31 House of Fraser stores that were closed, including London's Oxford branch office.
However, 20 of 31 closed-door stores have been rescued, saving about 3,500 jobs.