139-year-old owner of Scottish department store plunges into administration
Beales, the 139-year-old department store chain with a store in Perth, has collapsed into administration after failing to find a last-minute buyer.
Some 1,000 jobs at 23 stores across the UK are now at risk, as administrators from KPMG step in to see if the business can be saved.
Last month, Bournemouth-headquartered Beales hired advisers to lead a strategic review in order to find a profitable future for the business.
Will Wright, partner at KPMG and joint administrator, said: “For over a hundred years, Beales has been a stalwart of the high street in market towns up and down the UK, but like countless similar retailers, has found trading in recent times to be incredibly tough.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business.”
Beales acquired the historic site of the former McEwens department store in Perth city centre in 2017.