The 139-year-old department store chain is latest victim of crisis gripping Britain’s high streets. The store had previously been at risk in 2016, only to survive when Beales went into a CVA agreement that reduced its rent. Other stores confirmed for closure include the brand’s flagship property in Bournemouth. There will be no immediate closures and Beales stores will continue to trade, although the website is offline. Department store Beales is set to have the doors closed on its the final stores, putting hundreds of jobs at risk. Ben Chapman @b_c_chapman. A department store that has been trading in Britain since 1881 is on the brink of collapsing, putting around 1,000 jobs at risk. In the year to March 2019, the company reported a loss of £3.1m, up from £1.3m for the year earlier as costs swelled and sales dipped. DEPARTMENT store chain Beales has gone into administration, putting 23 stores and 1,052 jobs at risk. Beales is to close its Wisbech store after efforts to sell all 23 outlets failed, according to administrators KPMG. The department store began trading in Bournemouth in 1881. The closing went into effect Friday and includes Bealls Oulet, Burkes Outlet, Bunulu and Home Centric. Peterborough and Wisbech are two of the 12 Beales stores which will close for good. It comes after the department store went into administration last month after talks to save the business failed. The closures will affect around 500 of the group’s 1,200 staff. Beales store closures: One of Britain’s oldest department stores at risk of collapse The firm, which started trading in Bournemouth in 1881, is desperately seeking help from a new buyer. The department store chain Beales is on the brink of collapse and must find a buyer within days, with about 1,000 jobs at risk if the historic retailer does not complete a rescue deal. Business Beales: Fareham branch spared from list of 12 department stores set to close AN UNDER-THREAT department store has escaped a raft of 12 closures announced after a failed sell-off operation. Beales, one of Britain's oldest department chains, employed approximately 1,050 people before announcing its first closures last month. Beales opened its flagship store in the seaside town in 1881, when John Elmes Beale established his Fancy Fair and Oriental House. These closures represent nearly a quarter of all UK Carpetright stores. It reported a £3.1million deficit in the year to March 2019. Department store Beales has confirmed it is putting itself up for sale as it looks at refinancing options amid tough high street conditions taking their toll on the 138-year-old chain. Read: Beales latest: store group goes into administration with 23 shops at risk In a statement, KPMG told the Bedford Independent, “Per the original statement from the joint administrators, the Bedford branch of Beales will continue to trade in administration, while the joint administrators continue to explore the possibility of a sale of the business. Department store Beales will close its remaining 11 stores, administrators KPMG have said.It was announced earlier this month that the retailer would be closing 12 of its 23 stores, including their Beales closures: Full list of shops at risk as department store enters administration Beales department stores have gone into administration, putting the future of the 140 year old chain under threat. Beales bought up other department store chains including Westgate and Palmers to add to its growing portrolio of shops. The two said the original signs were misleading as no store closures had been confirmed when Beales went into administration two weeks ago putting 22 stores and 1,300 jobs at risk. Beales closures: Full list of shops at risk as department store enters administration Claire Schofield. The news means Beales will disappear from the Bournemouth … The Beales store in Bournemouth - image by Chris Downer Preparations are underway for the closure of all the remaining Beales stores after adminstrators of the historic department store chain said they had not received any "deliverable offers" for the business. In a statement KPMG said: ”The joint administrators of the Beales department store chain have confirmed that they remain in active discussions with interested parties regarding a going concern sale of a number of stores. Beales - which was founded in 1881 - employed around 1,300 staff across the country before it … The drastic move follows failed efforts to find a … Beales was originally set up in 1881 in Bournemouth as the Fancy Fair and Oriental House, taking advantage of the then-current craze for Chinese-themed merchandise. High street department store Beales has closed its Mansfield branch for good following the coronavirus lockdown. The bankruptcy filing as well as the earlier store closures was a dramatic reversal of Stage Stores’ plans announced just last October. A statement from the joint administrators, KPMG, said, “It is anticipated that these stores will continue to trade, running closing down sales for around eight weeks. Beales department store chain goes into administration, putting 1,050 jobs at risk. Originally a strong independent department store, Beales had been buying other department stores for 25 years in order to gain scale. It is believed Beales was the first retailer to have a real-life Father Christmas in store, in 1885. The struggling department store appointed KPMG as administrators on 20 January, after failing to find a buyer or new investment for the business. ... with no immediate closures, although the Beales website was offline on Monday. Beales, one of the country’s oldest department stores, collapsed into administration on Monday, putting more than 1,000 jobs at risk. Beales department store to close all remaining shops after 140 years in business. Beales. Beales was founded by John Elmes Beale and opened as The Fancy Flair in Bournemouth in 1881. Monday 20 … BEALES’ flagship Bournemouth branch is to close along with 11 other branches, it has been announced. Beales department stores have gone into administration, putting the future of the 140 year old chain under threat. And Beales’ administrators KPMG were quick to insist it was business as usual while the search for a buyer continues. It is not currently known how many jobs are at risk with the closure. They were both part of the CVA, which was approved by creditors on March 24.. Its King’s Lynn store will also close this year after the retailer decided not to renew its lease, as will its store in Horsham, West Sussex, as previously reported. The online outlets and … Beales has now said that they will be closing their remaining stores, including one in St Neots, despite a previously confirming that the retailer had "no intention" of closing the store. 21/01/2020. The department store has 23 shops up and down the country. Update: Beales (in administration) Update: Beales (in administration) The joint administrators of the Beales department store chain, Will Wright and Steve Absolom from KPMG, confirm that they continue discussions with a number of interested parties for a sale of the business as a going concern. Politicised Labour process let Corbyn back in, says Anneliese Dodds. Eventually it branched out to open another 21 stores across the UK, employing a … Beales plans to shut its Winchester and Rochdale stores this summer, and both branches are holding closing down Sales. Beales also owns the Palmers department store in Great Yarmouth, having closed the Beales Lowestoft site in January. Beales, of Bournemouth, bought it 20 years ago. Branches to remain open during administration process. The 138-year-old department store chain has outlets in Diss and Beccles.
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