‘Closing down’ signs have gone up in the window of shoe shop Stead and Simpson in Bicester.
Staff at the Sheep Street store were told on Monday morning the store was to close, but have not yet been given a date.
A spokesman for the firm’s parent company Shoezone said: “We are closing the store due to poor sales performance and rising costs.
“It was a difficult decision and was not taken lightly.
“Every effort will be made to redeploy staff to other stores.”
The firm refused to comment on how many jobs would be lost.
Formerly Freeman, Hardy and Willis, there had been a shoe shop at the site for more than 40 years.