BEALES could go into administration this week, it has been reported.
The Bournemouth-based department store chain has not commented on reports that a board meeting on Monday could pave the way for the move.
Sky News said the meeting could decide to appoint KPMG as administrator for the business.
It was revealed a week ago that Beales, which employs more than 1,300 people in 22 stores, would go into administration unless it found a buyer or a new source of finance.
Chief executive and owner Tony Brown said then that the company could be “restructured for a profitable future” and that the business could emerge “stronger if leaner”.
He said last week: “It is difficult trading on the high street. The difficulties are exacerbated by the lunacy of the business rates system. We pay £440,000 a year in business rates on our Bournemouth store. You can have a sensible conversation with the landlord but it's impossible to have a sensible conversation with the council.
“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.”
He added: “We’re going through a process and we hope to be able to restructure the business for a profitable future.”
He said the company’s Bournemouth and Poole stores had seen disappointing trade ahead of Christmas. A new, smaller branch at a former Marks and Spencer site in Fareham had performed well.
Beales was founded in Bournemouth in 1881 by John Elmes Beale.
In 2016, it won creditors’ backing for a company voluntary arrangement (CVA) which enabled it to negotiate rent cuts and close some loss-making stores.
Last October, the company revealed it had made a £3million loss, but said one-off costs had disguised steady sales.
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