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| Department store Beales collapses into administration | Department store Beales collapses into administration |
| (32 minutes later) | |
| 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 secure a sale. | Beales has appointed KPMG as administrators after failing to secure a sale. |
| The department store began trading in Bournemouth in 1881 and has 22 shops. | |
| It is understood that there will be no immediate closures and Beales stores will continue to trade. | It is understood that there will be no immediate closures and Beales stores will continue to trade. |
| In the year to March 2019, Beale Ltd reported a loss of £3.1m, up from £1.3m for the year earlier as costs swelled and sales dipped. | In the year to March 2019, Beale Ltd reported a loss of £3.1m, up from £1.3m for the year earlier as costs swelled and sales dipped. |
| Beales's chief executive Tony Brown led a management buyout of the firm in 2018. | |
| Beales has stores in the following towns and cities: | |
| The company's decision to appoint administrators comes at a difficult time for UK retailers. | |
| Recent data from the British Retail Consortium revealed that retail sales fell for the first time in a quarter of a century last year. | |
| John Lewis has warned that its staff bonus may be in doubt as it reported Christmas sales at its department stores were down 2% for stores open at least a year. | |
| Some companies are prospering, however. | |
| Sports fashion retailer JD Sports says it expects to report full-year profits at the top end of forecasts. Next lifted its profit forecast after better than expected sales over Christmas trading period. |