The owner of department store Liberty said it would wipe out its debts by selling the shop and another property for £66.5m.
Retail Stores has sold the flagship London store and an office building to property developer Great Portland Estates and insurer Liverpool Victoria Friendly Society.
The firm will use the proceeds to repay all of its £61.9m debt, wiping out annual interest payments of about £3.9m. The sites will be leased back to the group.
The store said the move would allow it to step up sales of luxury Liberty-branded goods, such as leather products, abroad.
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