The former Beales department store in Lowestoft has been put up for sale, following the collapse of the chain into administration. The 23-store retailer entered administration in January 2020, putting 1,300 jobs at risk, with KPMG appointed as administrator.
KPMG stated that despite interest from several parties, no solvent solution could be found for the company, leading to the difficult decision to place it into administration. All stores continued trading while options were assessed, but the Lowestoft branch has now been listed for sale.
The store's closure is part of a wider trend of department store decline on the UK high street. Robert Hayton of Altus Group noted that high rents and business rates, along with large staffing needs and inflexible leases, have hampered operators' ability to adapt to the challenging retail climate.
Beales, founded in Bournemouth in 1881, reported increased losses of £3.1 million in its last financial year and failed to secure rent reductions or a buyer. The chain's administration came after 2019 was recorded as the worst year for British retail in 24 years, with total sales falling by 0.1%.
