KENDAL’S flagship Beales store is safe despite other bases potentially closing.
The Beales Department Store group is telling landlords of their loss-making stores to reduce the rent Beales pays or take their premises back.
A meeting of shareholders and stakeholders has been called for Thursday, March 24, when it is expected that these proposals will be approved.
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The relationship with suppliers and concessionaires will not be affected.
“Most of Beales’ stores are profitable,” said chairman Stuart Lyons. “This includes our flagship store in Kendal, which is unaffected by the proposal.
“However, a minority of our stores lose money because leases agreed some years ago are no longer sustainable, due to changes in the economy and local conditions.
“These legacy rents have been dragging the group down. This is a unique opportunity to restore the group to financial health.”
Beales, founded in 1881, has 29 department stores across the country and was returned to private ownership in April 2015 after it was acquired by Andrew Perloff and his family interests.
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