Department store Beales collapses into administration – BBC News

One of Britain’s oldest department stores has collapsed into administration, putting more than 1,000 jobs at risk.

Beales has appointed KPMG as administrators after failing to find a buyer or new investment for the business.

The department store began trading in Bournemouth in 1881 and has 23 shops.

There will be no immediate closures and Beales stores will continue to trade, although the website is offline.

Beales had tried to secure rent reductions with landlords and was in negotiations with potential investors and buyers.

— Read on www.google.co.uk/amp/s/www.bbc.co.uk/news/amp/business-51176418