15 September 2016
Department store Beales has outlined plans to return to profit following its Company Voluntary Arrangement earlier this year. The independent department store – a regular visitor to Moda – will focus “100 per cent of its efforts” on its remaining stores following the closure of ten of its branches as part of the agreement.
Speaking exclusively to Moda, executive chairman Stuart Lyons CBE, said; ““Our management and staff have worked enormously hard over recent months to come through the CVA and bring Beales back to being a solid and viable business. I am delighted we can now focus 100 per cent on our day-to-day mission of serving our customers and offering fine products at great prices.”
Beales entered into a CVA in March this year with a view to streamlining its business in a bid to return to profitability. The CVA outlined plans to close four of its 30 stores; comprising its Winchester, Rochdale, Kings’ Lynn and Horsham branches. Further plans have since been confirmed to close other loss-making stores early next year, although the business is expected to maintain 20 branches nationwide.
Established in 1881, Beales is a Bournemouth-based business which has become iconic on high streets across the UK.