Beales to close all remaining stores

Final 11 locations will close down in phases after KPMG fails to find a buyer for the beleaguered, historic department store group

Written by Rhys Thomas

Posted 19.02.2020 | Retail

Beales to close all remaining stores thumbnail

Beales will close its remaining 11 department stores after failing to find a buyer.

The 139-year-old retailer last month fell into administration and appointed KPMG to find a route forward.

The retailer closed 12 of its 23 stores and cut staff from head office jobs, but will now be forced to turn out the lights for good after efforts to find a buyer had yielded “no deliverable offers”.

KPMG says in a statement it is “commencing preparations for the closure of the remaining 11 stores and associated stock liquidation”. Extant stores will continue to trade for around eight weeks to run closing down sales.

Will Wright, partner at KPMG and joint administrator, said the collapse had been sparked by climbing business rates and limp Christmas sales.
But he said he still hopes to find a buyer: “We understand that the failure to achieve a sale so far will come as disappointing news, but can assure them that we will continue in our efforts to secure some form of positive outcome.”

Should a sale remain elusive, stores will close down in phases depending on sales.

Twenty further roles have also been axed at the Bournemouth head office.

“We’d like to thank all Beales employees for their wholehearted support and assistance during the administration process,” Will adds.

A message on the Beales website alerts customers to a stock liquidation where ‘everything must go’. The fire sale is in-store only, and currently on going at all 23 locations.

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