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Beales on edge of administration

Department store chain Beales is poised to enter administration as early as this week.

The retailer is due to hold a board meeting today (20 January) that could lead to KPMG being appointed as administrator to the business, according to Sky News.

The move would put 1,300 jobs at risk.

Secondary store locations and a failure to adapt to the rapidly changing retail environment have pushed the business to the brink of collapse, analysts previously told Drapers.

Beales’ operating losses grew to £2m in the year to 31 March 2019, from £865,000 the year before. Turnover was £48.3m in 2019, marginally down from the previous year (£48.7m).

Beales began trading in Bournemouth in 1881.

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