19 February 2020
Last month department chain, Beales, fell into administration. 12 of its 23 outlets were closed. Now, the final 11 will close as the chain comes to an end, following a buyer not being able to be sought.
KPMG, the appointed administrators said how they discussed plans with interested parties but none of the offers were deliverable.
''We'd like to thank all Beales employees for their wholehearted support and assistance during the administration process.''
Employees will remain until all of its stores shut - expected to be no more than eight weeks left of trading.
Once the closures are complete, administrators will work closely with employees to ensure they get as positive an outcome as possible.
Beales become the latest high street name to be hit by the soaring business rates and deserted high streets.
20 January 2020
One of Britain’s oldest department stores, Beales, has collapsed into administration, putting the future of its 22 stores and 1,300 full time employees at risk.
KPMG were appointed this morning, to help handle the process.
Beales, which sells brands like Hobbs, Phase Eight and Tommy Hilfiger, will continue trading during its administration and there will be no immediate closures.
This comes after the 140-year old company had a poorer than expected trading period over Christmas.
Last week, a notice of intention to appoint administrators was filed. Just before Christmas the business appointed KPMG to conduct a strategic review and assess different refinancing options, to try and secure a future. Negotiations were underway with current landlords in hopes of cutting some of its store’s rents, as well as having talks with potential buyers. But nothing was confirmed.Please watch the video that explains your rights