UK department stores chain Beales is set to close its remaining 11 stores, putting hundreds of employees at the risk of losing their jobs.
Last month, Beales, which started trading in 1881, entered administration after failing to find buyers. It had then closed 12 of its 23 branches.
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Administrators KPMG said that talks were going on with several interested parties over the sale, however, as they are yet to receive any ‘deliverable offers’, a decision was taken to commence the process of closing the outlets.
Will Wright, joint administrator for the company, was quoted by the BBC as saying: “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.”
The department store has been struggling with rising rent costs year-on-year and intense competition from online retailers.
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By GlobalDataAt the time of filing for administration last month, Wright was quoted by the BBC as saying: “With the impact of high rents and rates exacerbated by disappointing trading over the Christmas period, and extensive discussions around additional investment proving unsuccessful, there were no other available options but to place the company into administration.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including dealing with prospective interested parties.”
The retailer employed around 1,050 people prior to making its first closures.
