One of Britain’s oldest department stores Beales has gone into administration after a disappointing Christmas period.
Administrators KPMG Restructuring, who were appointed on Monday, say there is no need for any immediate closures as the company’s 23 stores, including their sole Scottish premises, continue to trade.
Beales on St John’s Street in Perth opened in 2016 after McEwans, who had been operating from the site since 1868, went into administration.
The company, who sell a range of furniture, fashion, toys and cosmetics, employ over 1000 workers in the UK.
All staff members have been retained to assist in trading the stores.
A statement from Beales’ administrators KPMG said: “Will Wright and Steve Absolom have today been appointed joint administrators to Beale Limited and J E Beale Plc (“Beales”).
“Advisers from KPMG were initially engaged by the business in December 2019 to explore possible sale and refinancing opportunities but despite interest from a number of parties, this process did not secure any solvent solutions for the Company.
“As a result, the directors took the difficult decision to place the companies into administration.
“The joint administrators will continue to trade all 23 stores as a going concern while they assess options for the business.”
Will Wright, partner at KPMG and joint administrator, said: “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.
“During this period gift vouchers, customer deposits and customer returns/refunds will continue to be honoured.”
STV News is now on WhatsApp
Get all the latest news from around the countryFollow STV News
Follow STV News on WhatsApp
Scan the QR code on your mobile device for all the latest news from around the country