Beales department store enters administration
The Beales department store chain has entered administration after “disappointing” Christmas trading.
Founded in 1881, Beales operates 23 department stores and employs around 1,052 staff.
The news follows the retailer’s appointment of advisors from KPMG who last month were asked to explore opportunities for a possible sale and refinancing of the business.
In a statement today, KPMG said the process did not secure any solvent solutions for the business despite there being several “interested parties”.
Will Wright, partner at KPMG and joint administrator, said: “For over a hundred years, Beales has been a stalwart of the high street in market towns up and down the UK, but like countless similar retailers, has found trading in recent times to be incredibly tough. With the impact of high rents and rates exacerbated by disappointing trading over the Christmas period, and extensive discussions around additional investment proving unsuccessful, there were no other available options but to place the company into administration.”
The administrators will continue to trade all 23 stores as a going concern while they look at options for the business. They have also retained all staff members.
Wright added: “During this period gift vouchers, customer deposits and customer returns/refunds will continue to be honoured.”
