Beales, the department store chain that collapsed into administration in January, is to close the remaining stores still trading.
After initial efforts to find a buyer for the whole 23-strong chain had failed, the group said earlier this month that 12 of weakest stores would be closed down once the stock was sold.
Administrators KPMG had stated that the remaining 11 stores would continue to operate as usual until an outcome with regards to a sale of the business was clarified. However, it was announced yesterday that these stores will now also be shut.
KPMG said it was continuing discussions with a “number of interested parties” over a potential sale but it was preparing to close the remaining sites after failing to receive any “deliverable offers”.
The remaining stores are expected to stay open for around eight weeks while closing down sales take place.
Joint administrator Will Wright said: We’d like to thank all Beales employees for their wholehearted support and assistance during the administration process.
“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.”
Beales was sold in a management buyout to group Chief Executive Anthony Brown in 2018. The retailer had been trying to overhaul its stores and product offering, while seeking rent reductions from landlords, to help secure its survival following mounting losses.
