Beales: Fareham branch spared from list of 12 department stores set to close
AN UNDER-THREAT department store has escaped a raft of 12 closures announced after a failed sell-off operation.
Beales hoped to sell all 23 of its stores after losses of £3.1m forced the firm to call in administrators KMPG.
But the plan failed, instead prompting the sale of 12 of them.
Beales’ branch in Fareham which opened in November had been under threat but has not been named among the dozen.
Administrators said there is currently no intention to implement closure plans for the remaining 11 stores, which will continue to operate as usual ‘until an outcome with regards to a sale of the business is clarified’.
Beales, which has been trading since 1881 and employs about 1,050 people, tried to negotiate rent reductions with landlords and had been in talks with potential investors and buyers.
But among the closures is its flagship store in Bournemouth, along with others in Hexham, Worthing, Tonbridge, Peterborough, Mansfield, Keighley, Perth, Spalding, Wisbech, Bedford and Yeovil.