13 January 2020 16:43
Make informed decisions with the FT Keep abreast of significant corporate, financial and political developments around the world. Stay informed and spot emerging risks and opportunities with independent global reporting, expert commentary and analysis you can trust. One of Britain's oldest department stores, which has a shop in Kendal, has warned that it could collapse into administration. It's widely reported that Beales, which began trading in Bournemouth in 1881, could face closure if it fails to find a buyer within the next week. Around 1,000 jobs are at risk at 22 stores across the UK if a deal cannot be done.
The firm is currently negotiating with its landlords to try to agree rent reductions. Chief Executive Tony Brown, who led a management buyout of the firm in 2018, is said to be in talks with two interested parties. Beales has stores in the following towns and cities: