Devastated traders at an antiques emporium must cease trading by the end of the year after being given notice to leave on Halloween.
Staplepine, which runs the Hampstead Antique & Craft Emporium in Heath Street, contacted traders on October 31, which was followed by a written notice on November 7.
All 25 traders must cease trading after Christmas and have until January 6 to clear all their stock.
The antique market, housed in old Victorian stables on the corner of Heath Street and Perrins Court, has drawn visitors from around the world to the heart of Hampstead since 1964.
A petition launched by trader Alexandra Porter to preserve the market against development so far has almost 600 signatures.
She says the market "provides affordable second hand items, repair services and showcases craftsmanship, quality and inspiring design built to last" in contrast to the commercial streets of Hampstead "being taken over by cafes, estate agents and expensive clothing chains".
She added: "It's not easy to move elsewhere. It's going to be a huge problem for us. We're right here in Hampstead, we can't just root up and go elsewhere. It's a massive issue."
Leah Michie, who has run her Treasure Jewellery and Gifts store at the Emporium for 20 years, said: "We received a phone call early in the morning on Halloween with regret that they made a decision to shut the emporium. I did say that after 20 years you can't suddenly make a decision to shut a place down without an option of a decision.
"The decision was that they were closing due to the rising cost of living. It's devastating."
Minoo Kaae, of Minoo's Jewellery, added: "The sad thing is we were never given the opportunity to say we would pay more. The decision was taken away from us.
Carlo Della Croce, who lives in a bedsit in Finchley Road and owns Trade Priced Antiques, said it was "catastrophic".
She added: "Personally I'm devastated. My business model was always built around the possibility of failure so as long as I had four or five months to liquidate my stock I'd be ok, but it's two months notice. I'm now stuck with huge amounts of stock, it's going to be a nightmare.
"I'm facing the horrific dilemma of taking up a new unit elsewhere in middle of the worst recession this country has had in a long long time."
Shahnaz Shirani, who sells rugs through Shaznaz Shirani Gallery, said she's "still shocked" after pouring her life savings of £25,000 into her venture.
She went on: "For the first two months I had to pay rent from my pocket but now people have come to know me and come to me to buy."
Jewellery vendor Hania Hana claimed traders had spent vast amounts doing up their units, spending money on cabinets and mirrors.
She said: "Traders heavily invested in their units. Many of us didn't make a profit. It's cruel, very cruel."
Fiona De Lys, who sells antique vessels, said she "wasn't completely shocked", adding: "There seems to have been a delay for a long time to invest and make improvements.
"There's a lot of uncertainty going forward with the economy. It's an opportunity for people to rethink how they are going to run their businesses."
Richard Jaffe, director at Staplepine, said: "We've unfortunately had very little choice but to close the Emporium. Costs have been increasing year after year, exponentially so in the last year, reaching a point where it's no longer financially viable for us to stay open.
"I understand traders are sad and so are we but it's not something we can avert any more."
He said they could not extend the notice period, adding "without question we would have lost traders in that period".
He added: "We haven't made any plans as yet. We wanted to notify everyone as soon as possible, then we'll be in a position to determine where we go next."
To sign the petition visit: https://you.38degrees.org.uk/petitions/save-hampstead-antique-craft-emporium
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here