The British fashion retailer said staff have been informed and the store will shut around mid-May.
The company has not said why it made the decision to close its Preston store, which has put a number of jobs at risk.
But the retailer did say it is seeking ‘redeployment opportunities’ for affected staff, who are likely to be offered jobs at other branches within commuting distance.
When the St Helens store closed in 2016, staff who can drive were offered positions at the Preston branch – a 26 mile commute.
A FatFace spokesman said: “Regrettably we have made the difficult decision to close our store in Preston.
"We’re focusing on supporting our store colleagues at this time and where possible, looking at redeployment opportunities.
"We’d like to thank all customers who have shopped with us for their support over the years.”
The retailer added: “Customers will still have the opportunity to purchase all their FatFace favourites online or at their closest store in Lytham St Annes.”