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