Beales closes 50% of stores as buyers give chain wide berth

The 12 vulnerable sites are expected to remain open for eight weeks

UK department store chain Beales has announced it will close 12 of its 23 stores following its spiral into administration.

The stores, which sell brands across beauty, fashion and homeware, are expected to remain open for a period of eight weeks while closing down sales run.

Employees are expected to be retained across the 12 sites.

Beales said it has no intentions to close its remaining 11 stores.

Last month, Beales announced KPMG had been hired to explore sale and refinancing options, but no offers have been made.

In a statement, Will Wright, part of KPMG’s restructuring team, said high rents and disappointing Christmas sales contributed to the decision to close stores.

He said: “With the impact of high rents and rates exacerbated by disappointing trading over the Christmas period, and extensive discussion around additional investment proving unsuccessful, there were no other available options but to place the company into administration.”

The stores which are expected to close include:

  • Bournemouth
  • Hexham
  • Worthing
  • Tonbridge
  • Peterborough
  • Mansfield
  • Keighley
  • Perth
  • Spalding
  • Wisbech
  • Bedford
  • Yeovil

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