Retailer House of Fraser has announced its intention to call in administrators.
The veteran department store chain said talks with its creditors and investors had ‘not concluded in a solvent solution’.
Earlier this year the company announced that the Chichester branch was to close, along with 30 more nationwide.
The news was met with sadness in the city, along with fears that 160 jobs could be lost at the West Street branch.
Despite today’s news, all 59 House of Fraser shops across the country are set to be open today.
This includes Chichester and the other stores already earmarked for closure.
Alex Williamson, chief executive of House of Fraser, said: “We are hopeful that the current negotiations will shortly be concluded.
“An acquisition of the 169 year old retail business will see House of Fraser regain stability, certainty and financial strength.”
Frank Slevin, chairman of House of Fraser, commented: “This has been an extraordinarily challenging six months in which the business has delivered so many critical elements of the turnaround plan.
“Despite the very recent termination of the transaction between Cenbest and C.Banner, I am confident House of Fraser is close to securing its future.”