NEWS

Over half of Beales stores expected to close

Published on: 10th February 2020

The department store chain is reported to be closing 12 stores, as the company attempts to find a buyer for the remaining business.

Beales had tried to secure rent reductions with landlords and was in negotiations with potential investors and buyers, but the administrator KPMG has reported that efforts to sell all 23 outlets together have failed.

The 12 stores earmarked for closure will trade for the immediate future, while remaining stock is sold, and staff have been told they will keep their jobs until then.

“There is currently no intention to implement closure plans for the remaining 11 stores, which will all continue to operate as usual until an outcome with regards to a sale of the business is clarified,” said KPMG.

The department store began trading in 1881, with its first store in Bournemouth, which is one of the stores that will close. In total, Beales employs about 1,000 people, but the entire chain has been racking up losses, with the retailer reporting a £3.1m deficit for its last financial year. As well as the Bournemouth store, Hexham, Worthing, Tonbridge, Peterborough,  Mansfield, Keighley, Perth, Spalding, Wisbech, Bedford and Yeovil are due to shutter.

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