Will Wright

One of Britain's oldest Department stores collapsed into administration, putting More Than 1,000 jobs At Risk .

Beales KPMG has appointed administrators after failing to find a buyer or new investment for The Company .

The store began trading in Bournemouth in 1881 and has 23 stores.

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

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

However, KPMG said: "Despite interest from A Number of parties to secure this process, without the use of solvents, solutions for society, and as a result, The Directors took the difficult decision for The Company in the administration. "

In the year to March 2019, Beale Ltd reported a loss of £3. 1m, up from £1. 3m for the year earlier, as costs soared and sales dipped.

KPMG, Will Wright , joint administrator Beales, said: "With the impact of the high rents and prices, reinforced by the disappointing trading over the Christmas period, and the extensive discussions of additional investment to prove unsuccessful, there were No Other options available, but a company in administration.

"in the coming weeks, we will strive to continue to operate The Business as a going concern, while we evaluate the options for The Business , including dealing with potential prospects. "He said, adding that during this period, vouchers, customer deposits, and customer returns/refunds continue to be adhered to to be be.

Independent retail analyst Richard Hyman said it was "no surprise" that Beales had collapsed. "It was the struggle to survive for some time, as well as many other buying houses," he said.

Mr Hyman said that Department stores were "very expensive" and "overwhelming," competition from other shops, particularly online rivals, predicting it would be "far less" in the future.

"It is always a lot of to operate a lot harder, a Department Store profitable," he said. Beales' chief executive Tony Brown has led a management buyout of The Company in the year 2018.

Beales has branches in The Following cities and municipalities:

The Company 's decision to appoint administrators in a difficult time for The British retailer.

the Latest data from The British Retail Consortium showed that retail sales.

John Lewis has warned that its employee bonus can be in doubt, as it is the Christmas business reported in its Department stores were up 2% for stores open at least a year.

Some companies are expanding, however.

sports fashion retailer Jd Sports says it expects full-year profit at the upper end of the forecasts. Further its forecast for the profit lifted after better-than-expected sales over the Christmas trading period.

Source of news: bbc.com