Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Beales to close 12 stores

Beales has announced 12 store closures following the department store’s collapse into administration earlier this month. 

The stores to close are: the Bournemouth flagship (pictured above), Hexham, Worthing, Tonbridge, Peterborough, Mansfield, Keighley, Perth, Spalding, Wisbech, Bedford and Yeovil. 

It is anticipated that the stores will run closing-down sales for around eight weeks. Employees will be retained to assist with this trading. The remaining 11 stores will continue to operate as usual until an outcome with regards to a sale of the business is clarified.

The struggling department store appointed KPMG as administrators on 20 January, after failing to find a buyer or new investment for the business. 

On the closures KPMG said: ”The joint administrators of the Beales department store chain have confirmed that they remain in active discussions with interested parties regarding a going concern sale of a number of stores.

“Unfortunately, however, no offers have been received in respect of selling all 23 stores as a going concern. As a result, the joint administrators are now in the process of developing plans with store directors and management teams to implement the closure of 12 stores.”

Earlier this week, the joint administrators announced 32 redundancies, mostly across its head office.

The department store began trading in Bournemouth in 1881. Its 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 £48.7m in 2018.

 

 

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.