Beales stores at risk as company puts itself up for sale
- Credit: Archant
A department store chain with sites across the county has put itself up for sale as it attempts to battle tough high street conditions.
Beales has confirmed it is working with KPMG to review its financial position - and is reportedly looking to close a number of stores.
The 138-year-old department store chain has outlets in Diss and Beccles.
Beales also owns the Palmers department store in Great Yarmouth, having closed the Beales Lowestoft site in January.
MORE: Cancelled Christmas event organiser denies 'hiding' over refunds According to the Press Association, the Bournemouth-based group is looking to close a small number of its 22 stores and will also seek to slash rent.
Conversely the group has also said it wants to buy new sites, to expand a format that has seen early successes in its new Fareham branch.
You may also want to watch:
The group added it is looking for investment to "deliver a sustainable business model for the future" with a refocus on homewares, small domestic appliances, fashion accessories and shoes.
Beales, which was founded in 1881 by John Elmes Beale, employs around 1,300 staff and another 300 in concessions.
- 1 Roads flooded on east coast after heavy rain
- 2 Machinery sale marks end of family's 100-year farming history
- 3 Two Norfolk villages named among most beautiful to visit in England
- 4 'An insult - Matt Hancock accused over secret visit to crumbling hospital
- 5 Appeal for rescuers to come forward following Sea Palling incident
- 6 Man put hidden camera in bedroom to spy on wife
- 7 Robbers knock out boy, 14, and steal trainers from his feet
- 8 'Max Factor lady' - Tributes to adored gran who died in M11 layby
- 9 Gypsy and travellers await planning appeal result
- 10 Woman taken to hospital following crash on A146
It was sold in a management buy-out to group chief executive Anthony Brown in October last year.
Beales launched a strategy overhaul in early 2019 to revamp its ranges, which it said is showing "significant sales improvements".