Published: 09:36, 13 January 2020
| Updated: 09:38, 13 January 2020
Another major department store faces slumping into administration.
Beales, which has a string of stores nationwide, including one at Tonbridge's Angel Centre, has warned it could face collapse unless a buyer is found within days.
The company, headquartered in Bournemouth and which started trading in 1881, revealed before Christmas it was examining its options, one of which was the sale of the company.
The group, which has 22 stores nationwide, said such a move was necessary as it "continues to acclimatise to the ever-changing landscape and challenges of the retail market. Investment is sought to deliver a sustainable business model for the future."
Such challenges have caused the likes of Marks & Spencer and Debenhams to close stores in order to survive, while House of Fraser recently admitted more of its stores faced closure to ensure its long-term survival.
Now Beales has filed notice of its intention to appoint administrators.
Failure to find a late rescue deal could see its stores close and the loss of 1,000 jobs nationwide.
In October 2018, the group CEO, Anthony Brown, completed a management buy out.
Beales previously had a store in Maidstone which it closed in 2013.
More by this authorChris Britcher
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