THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Retail Events
People in Retail Awards 2024
Retail HR Central 2024
The Future of The High Street 2024
Retail HR Summit
THE Retail Conference
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Beales department store enters administration

The Beales department store chain has entered administration after “disappointing” Christmas trading. Founded in 1881, Beales operates 23 department stores and employs around 1,052 staff. The… View Article

DEPARTMENT STORE NEWS

Beales department store enters administration

The Beales department store chain has entered administration after “disappointing” Christmas trading.

Founded in 1881, Beales operates 23 department stores and employs around 1,052 staff.

The news follows the retailer’s appointment of advisors from KPMG who last month were asked to explore opportunities for a possible sale and refinancing of the business.

In a statement today, KPMG said the process did not secure any solvent solutions for the business despite there being several “interested parties”.

Will Wright, partner at KPMG and joint administrator, said: “For over a hundred 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.”

The administrators will continue to trade all 23 stores as a going concern while they look at options for the business. They have also retained all staff members.

Wright added: “During this period gift vouchers, customer deposits and customer returns/refunds will continue to be honoured.”

Subscribe For Retail News