12 Beales stores to close
The administrators of Beales the department store chain have announced that 12 stores will be closing in around 8 weeks once clearance sales are completed. It is understood that all staff in the affected stores will be kept on until the shutters come down. This will leave eleven stores trading normally whilst efforts continue to find a buyer. The stores which will close are located in Bedford, Bournemouth, Hexham, Keighley, Mansfield, Perth, Peterborough, Spalding, Tonbridge, Wisbech, Worthing and Yeovil.
News also comes that Macy's, the US department store chain, is set to close the majority of its stores, emphasising that department stores the world over are finding it very tough indeed to trade profitably.