71
Fashion Jobs
L'OREAL GROUP
Multi-Brand Education Manager
Permanent · JOHANNESBURG
L'OREAL GROUP
E-Commerce Manager
Permanent · JOHANNESBURG
BEIERSDORF
Brand Manager
Permanent · DURBAN
G-STAR
Key Account Manager
Permanent · CAPE TOWN
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
ESTÉE LAUDER COMPANIES
Marketing & Sales Operations Manager (Sub Saharan Africa)
Permanent · JOHANNESBURG
PUMA
Payroll Administrator
Permanent · CAPE TOWN
ADIDAS
Senior Manager Sales: Shoe Channel - em South
Permanent · CAPE TOWN
ADIDAS
Senior HR Business Partner (6-Months Maternity Cover)
Permanent · CAPE TOWN
L'OREAL GROUP
Product Manager
Permanent · JOHANNESBURG
TREK
Country Manager
Permanent · SANDTON
L'OREAL GROUP
E-Commerce Key Account Manager
Permanent · JOHANNESBURG
ADIDAS
ic pp Data & Analytics Specialist - em
Permanent · CAPE TOWN
BEIERSDORF
Precision Marketing & Audience Specialist
Permanent · DURBAN
CLINIQUE
Clinique - Roamer - Edgars Eastgate, Gauteng - 40 Hours - Full-Time - Permanent
Permanent · JOHANNESBURG
PANDORA
Sales Assistant Ppt 96 Hours Balito
Permanent · DURBAN
L'OREAL GROUP
Data Analyst
Permanent · JOHANNESBURG
HTNK
High-End Fashion/Denim Designer
Permanent · JOHANNESBURG
H&M
Talent Acquisition Specialist
Permanent · CAPE TOWN
ADIDAS
Specialist Franchise Excellence - Ems Africa Export
Permanent · CAPE TOWN
LOVISA
Full Time Team Member | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
LOVISA
Store Manager | v&a Waterfront, Cape Town
Permanent · CAPE TOWN
Published
Jan 13, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

Beales in last-ditch sale talks, could file for administration

Published
Jan 13, 2020

Venerable department stores chain Beales has warned that it could be forced to file for administration if it doesn’t clinch a sale in the next few days, putting 1,000 jobs at its 22 stores at risk.


Tough times in UK retail have driven Beales to the edge


In December it emerged that the 139-year-old brand had called in KPMG to look at its refinancing and restructuring options with a sale also mooted as a possibility. Yet it seems that a sale is now the only way forward after the company filed notice of its intention to appoint administrators. But it’s unclear what sort of price the business could command given its crisis state, as well as the current difficult state of UK retail and the department stores sector in particular.

That said, it has been reported that it’s talking to two possible buyers, one of which is a retail rival and the other that could take it over using private equity money.

The news comes after a bleak week for British physical stores retail in which John Lewis announced its MD’s exit and warned that its staff bonus might be at risk due to weak sales; that Beales’ larger peer Debenhams starts to close a raft of its stores; and just as Mothercare finally shut its UK store chain.

For Beales, it seems that tough festive season trading has pushed it over the edge. 

The company, which is also speaking to its landlords to try to push through new rent deals, was loss-making in its latest financial year with a £3.1 million loss in the 12 months to March 2019, wider than the £1.3 million loss of the previous year.

Its CEO Tony Brown led a management buyout in 2018 but has now said that "it has been the most challenging time for retail on record. Christmas hasn't delivered what we thought it would achieve”.

Copyright © 2024 FashionNetwork.com All rights reserved.