Beales finally confirms closure of St Neots store
- Credit: Archant
Beales have confirmed that they will be closing the St Neots store.
Beales has now said that they will be closing their remaining stores, including one in St Neots, despite a previously confirming that the retailer had "no intention" of closing the store.
Beales have now confirmed that they are now "commencing preparations for the closure of the remaining 11 stores" which includes the one situated on St Neots High Street.
On February 10, Beales told the Hunts Post that they had "no intention" of closing the remaining 11 stores, however they have now confirmed that a buyer has not been found.
The news comes after the retailer announced that it was going into administration last month.
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Beales, which started trading in 1881 in Bournemouth and has 23 stores nationally has failed to find a buyer after it announced it was in trouble last week.
A statement from joint administrators for Beales, KPMG said: "The joint administrators of the Beales department store chain, Will Wright and Steve Absolom from KPMG, confirm that they continue discussions with a number of interested parties for a sale of the business as a going concern.
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"However, with no deliverable offers received for the business to date, it is with regret that the administrators announce that they are commencing preparations for the closure of the remaining 11 stores and associated stock liquidation. In addition, a further 20 members of staff have been made redundant from the Beales head office in Bournemouth.
"In line with the closures announced previously, it is anticipated that stores will trade for a period of approximately eight weeks while the closing down sales are conducted.
"Employees across the stores will be retained to assist with trading over the weeks ahead, and the joint administrators and their teams will continue to work closely with staff during this period.
"If a sale is not achieved, the precise closure date for each store will vary, depending on trading performance and other factors encountered during the closure process. The joint administrators are therefore unable to confirm exact closure dates until later in the process.
Will Wright, joint administrator, said: "We'd like to thank all Beales employees for their wholehearted support and assistance during the administration process. We understand that the failure to achieve a sale so far will come as disappointing news, but can assure them that we will continue in our efforts to secure some form of positive outcome."