Mansfield's Beales store expected to close in 'next few weeks'
Beales department store is set to close 12 of its stores incuding the Mansfield branch, it has been announced.
Beales, which has a large outlet in Mansfield's Four Seasons shopping centre, filed notice of its intention to appoint administrators on January 21.
Beales appointed the advisory firm KPMG in the final retail trading week before Christmas to help advise on its “strategic and financing options” – including a sale of the whole company.
However, efforts to sell all 23 outlets together have failed, KPMG has today announced.
The stores earmarked for closure will stay open to sell remaining stock for the next few weeks, meaning staff will keep their jobs until then.
The 139-year-old chain had tried to secure rent reductions with landlords, and was in talks with potential investors and buyers.
"There is currently no intention to implement closure plans for the remaining 11 stores, which will all continue to operate as usual," KPMG told the BBC.
Stores have been racking up losses, with the firm reporting a £3.1m deficit for its last financial year.
Chief executive Tony Brown told The Daily Echo that the retailer has struggled with difficult trading conditions.
He said: "We are confident that we have a solution for the business that will create a stronger if leaner Beales.
"We hope to have a stronger business at the end of the process. I can't predict which stores will stay and which stores won't because it all depends on landlords and local government.