{"id":162705,"date":"2019-12-17T10:32:26","date_gmt":"2019-12-17T10:32:26","guid":{"rendered":"https:\/\/www.theindustry.fashion\/beales-considers-sale-as-part-of-strategic-review\/"},"modified":"2021-08-12T14:05:54","modified_gmt":"2021-08-12T14:05:54","slug":"beales-considers-sale-as-part-of-strategic-review","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/beales-considers-sale-as-part-of-strategic-review\/","title":{"rendered":"Beales considers sale as part of strategic review"},"content":{"rendered":"
Department store Beales has confirmed it is putting itself up for sale<\/strong> as it looks at refinancing options amid tough high street conditions taking their toll on the 138-year-old chain.<\/p>\n <\/p>\n The Bournemouth-based group \u2013 one of Britain\u2019s oldest department store chains \u2013 said it had launched a formal sale process as part of a strategic and financial review<\/strong> being led by KPMG, though a sale remains one option under consideration.<\/p>\n Beales said it \u201ccontinues to acclimatise to the ever-changing landscape<\/strong> and challenges of the retail market\u201d.<\/p>\n The group is looking for investment to \u201cdeliver a sustainable business model for the future\u201d including cost-saving measures and a refocus on homewares, small domestic appliances, fashion accessories and shoes.<\/strong><\/p>\n Beales, which was founded in 1881 by John Elmes Beale, employs around 1,300 staff<\/strong> and another 300 in concessions across its 22 stores.<\/p>\n It was sold in a management buy-out<\/strong> to group chief executive Anthony Brown in October last year.<\/p>\n While it is reportedly looking at a small number of store closures and moves to slash rents, the group said it also wants to look at buying sites<\/strong> to expand a format that has seen early successes in its new Fareham branch.<\/p>\n Beales launched a strategy overhaul in early 2019 to revamp its ranges, which it said is showing \u201csignificant sales improvements\u201d.<\/p>\n It is the latest department store chain to experience trading difficulties along with House of Fraser, which yesterday new owner Sports Direct said<\/a> was beginning to show signs of recovery, and Debenhams, which was acquired out of administration by a consortium of its investors earlier this year.<\/p>\n","protected":false},"excerpt":{"rendered":" […]<\/p>\n","protected":false},"author":68,"featured_media":136538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[5081,3514,7938,8780],"acf":[],"yoast_head":"\n