Department store chain collapses with 1,300 jobs at risk
The department store chain Beales has gone into administration, risking 1,300 jobs across its 23 stores.
Accountancy firm KPMG was appointed as administrator to the chain, following initial consultations with the retailer last month to explore possible sale and refinancing opportunities.
KPMG said: “Despite interest from a number of parties, this process did not secure any solvent solutions for the company, and as a result, the directors took the difficult decision to place the companies into administration.”
Will Wright, partner at KPMG and joint administrator, said: “For over 100 years, Beales has been a stalwart of the high street in market towns up and down the UK, but like countless similar retailers, has found trading in recent times to be incredibly tough. With the impact of high rents and rates exacerbated by disappointing trading over the Christmas period, and extensive discussions around additional investment proving unsuccessful, there were no other available options but to place the company into administration.”
