A 240-year-old department store in Britain is closing due to the effects of rising inflation.
Established in 1781 in Louth Town, Lincolnshire County, United Kingdom, the department store named ‘Eve & Runshaw’ has been run by three generations of the same family for 242 consecutive years. It is going to be closed due to not being able to afford the expenses.
Marks Sandvoth, owner of the department store, says the crisis caused by rising inflation and rising prices has been the final nail in the coffin of the country’s oldest and independent family-run department store.
He said that after two difficult years of Covid, we had strong hopes that this period of difficulties would end, we would come out of it and adapt our store to modern business requirements, but now with a very heavy heart we have to This store has to be closed, as it has become difficult to survive in the market.
“I am deeply saddened to say goodbye to our royal team, many of these employees have been with us for decades in every easy and difficult hour, I cannot thank them enough,” he said.
He said that by the end of this month, the online sales of the store will be terminated, while the store in the market will also be completely closed by March.