British department store chain Beales has called in advisers to asses a number of strategic and refinancing options including the potential sale of the company.
The privately-owned business has hired professional services firm KMPG to lead the strategic review.
Beales, which now has 22 stores, is keen to explore debt-raising options that would allow for the acceleration of its restructuring.
The department store chain was previously advised by KPMG during its company voluntary arrangement, which was passed in March 2016. The CVA, which allowed Beales to reduce rents on 11 of its then 29 stores, was backed by 93% of creditors.
It is understood the retailer employs around 1,300 people, with a further 300 staff working in its branded concessions.
Further information on the strategic review is expected on Tuesday.