Beales falls into administration
UK department store chain Beales has fallen into administration.
The firm has appointed KPMG to handle the administration of Beale Limited and J E Beale.
Advisors from KPMG were initially taken on by the business in December to explore possible sale and refinancing opportunities. However, despite interest from a number of parties, this process did not secure any solvent solutions for the company, and as a result the directors placed the companies into administration.
UK department store chain Beales has fallen into administration.
The firm has appointed KPMG to handle the administration of Beale Limited and J E Beale.
Advisors from KPMG were initially taken on by the business in December to explore possible sale and refinancing opportunities. However, despite interest from a number of parties, this process did not secure any solvent solutions for the company, and as a result the directors placed the companies into administration.
Founded in Bournemouth in 1881, Beales operates 23 department stores in market towns across the UK selling a range of furniture, fashion, toys and cosmetics. It employs around 1,052 members of staff.
The joint administrators will continue to trade all 23 stores as a going concern while they assess options for the business.
Will Wright, partner at KPMG and joint administrator, said: “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.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including dealing with prospective interested parties. During this period gift vouchers, customer deposits and customer returns/refunds will continue to be honoured.”
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