Beales is set to close its store in Bolton early next year. It follows the announcement of four other store closures in May this year.
Beales in Bolton
The Bolton store was part of the department store chain’s company voluntary arrangement (CVA), which was approved by creditors on March 24. The CVA allowed the retailer to slash rents by 70% on 11 of its 29 stores.
The four store closures it announced in May were Winchester and Rochdale - which were also part of the CVA - and King’s Lynn and Horsham, which closed after the retailer decided not to renew the leases.
Andrew Perloff, the property entrepreneur and owner of property investment firm Panther Securities, who bought the Beales chain last year, said he had managed to renegotiate leases on two stores - Bishop Auckland and Keighley - which are likely to stay open. He said others listed in the CVA may close.
“We have saved a lot on overheads by reducing rents on lossmaking stores, which has made a difference to cash flow but it has not been an easy season for anyone,” he said. “Things are progressing as well as can be expected.”
The news comes as a further blow to the town after BHS, which filed for a CVA the day before Beales, is set to close its store on Sunday this week.