House of Fraser’s flagship Oxford Street store will now stay open after the chain’s new owner agreed fresh terms with its landlord.
The store had been due to close under a restructuring plan that House of Fraser announced in June.
However, the department store group fell into administration earlier this month, and was bought by Mike Ashley’s Sports Direct.
The deal is the first covering a House of Fraser store since the takeover.
Property giant CBRE, which is advising Sports Direct, said negotiations had been conducted at “great speed”.