Beales warns of potential collapse
The Beales department store chain has warned that it could collapse into administration unless it can find a buyer for the business.
The company is also negotiating with landlords as it looks to cut its rents.
Founded in 1881, Beales appointed KPMG last month to conduct a strategic review of the business and to examine different options for refinancing.
Beales operates 22 department stores. If the company does enter administration, 1,000 jobs will be put at risk.
According to reports, the company has been in talks with two potential buyers.
Beales chief executive Tony Brown told the Daily Echo: “We are confident that we have a solution for the business that will create a stronger if leaner Beales.
“It is difficult trading on the high street. The difficulties are exacerbated by the lunacy of the business rates system.”
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