Department store Beales warns it is on the brink of collapse, which will result in over 1000 jobs at risk unless it can find a new owner to buy the business.
According to The Guardian, Beales has filed a notice of its intention to appoint administrators, as it considers its options while seeking to complete a sale process which began earlier last month.
The department store, which opened its first site in 1881, appointed KPMG to conduct a strategic review of the business, which included putting its Bournemouth-based site up for sale.
Beales currently operates 22 stores across the UK, including Bedford, Mansfield, Southport, Perth and Yeovil and employs around 1000 staff members and 300 in concessions.
Sources told The Guardian Beales was still hopeful of being able to secure a rescue deal, amid “interest from at least two suitors.”
In October 2018, the retailer completed a management buyout, led by CEO Tony Brown, as pre-tax losses increased to £3.2m in the year to March 2019 compared with £1.5m the year before.
Sales remained steady at £48.3m, as the business had net current debts of £15.8m.