Shellys has closed its flagship London Oxford Circus store after 16 years of trading. The shop, which shut on Saturday, has been sold to Italian lingerie firm Calzedonia, which owns lingerie chain Intimissimi. It is thought Calzedonia paid a seven-figure sum, but Michael Ziff, chief executive of Shellys' owner Stylo, would not comment. Ziff said he was in talks with agents over a new store on Oxford Street, which he expected to open within four months. Shellys now has five stores in London and one in Manchester.