1,050 jobs at risk
Beales facing uncertain future as administrators move in
Beales in Perth is the latest store in the city to face uncertainty
Another of Britain’s department store chain is expected to disappear from the high street after Beales collapsed into administration, putting 1,050 jobs at risk.
KPMG was appointed to looks at options for the business after talks with a potential buyer collapsed last month.
The department store began trading in Bournemouth in 1881 and has 23 shops, including one in St John Street, Perth, which was previously home to McEwens before it fell into administration in 2016. All Beales stores continue to trade, although the website is offline.
Beales had tried to secure rent reductions with landlords and said business rates were a major cause of its financial difficulties.
The retailer was taken into private ownership by chief executive Tony Brown in 2018, 23 years after the company was floated on the London Stock Exchange.
He also accused councils of failing to help struggling retailers, saying that local authorities “really don’t care” about high street stores.
KPMG said: “Despite interest from a number of parties, this process did not secure any solvent solutions for the company, and as a result, the directors took the difficult decision to place the companies into administration.”