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BNPS.co.uk (01202 558833)
Pic: BournemouthEcho/BNPS
1966 fire at the Bournemouth Beales store.
One of Britain's oldest department stores has today gone into administration, with the 'lunacy' of high business rates being to blame.
The move by Beales has thrown into doubt 1,300 jobs of those who work in its 22 stores across the country.
Tony Brown, the chief executive and owner of Beales, has appointed administrators KPMG after failing to secure a sale for the 140-year-old business.
The administrator will look to sell Beales as a going concern or break it up and sell its assets in order to pay creditors.
Beales stores are continuing to trade today although 'Closing Down Sale' signs have already appeared in the windows of its flagship store in Bournemouth, Dorset.
Pic: BournemouthEcho/BNPS
1966 fire at the Bournemouth Beales store.
One of Britain's oldest department stores has today gone into administration, with the 'lunacy' of high business rates being to blame.
The move by Beales has thrown into doubt 1,300 jobs of those who work in its 22 stores across the country.
Tony Brown, the chief executive and owner of Beales, has appointed administrators KPMG after failing to secure a sale for the 140-year-old business.
The administrator will look to sell Beales as a going concern or break it up and sell its assets in order to pay creditors.
Beales stores are continuing to trade today although 'Closing Down Sale' signs have already appeared in the windows of its flagship store in Bournemouth, Dorset.
©BournemouthEcho 23 Sep 2011 2630x2065 / 864.5KB