“We have a fairly high rent and need a high sales volume and obviously the product mix we’ve had hasn’t been good enough. The loss has been too big,” said Åke Hellqvist, head of the store, according to Dagens Industri.

The goal of having 4 million visitors each year was never reached; instead only 2.7 to 3 million visitors shopped at the store, part of a British chain.

Personnel were informed on Thursday, but management has known since August.

In the building, a new mall will be opened that will focus on youth apparel. It will open during the spring after remodeling is completed.