Embattled department store chain has appointed KPMG as administrators after attempts to find a buyer and seek rent reductions were unsuccessful.
The news comes after the company held a meeting on Monday (20 January) to decide a course of action for the Bournemouth-based firm. Beales currently operates 22 stores across the UK, including Bedford, Mansfield, Southport, Perth and Yeovil and the move places over 1000 jobs at risk.
However, reports suggest there will be no immediate closures and Beales stores will continue to trade.
The department store, which opened its first site in 1881, appointed KPMG to conduct a strategic review of the business, which included putting its Bournemouth-based site up for sale in December last year. It is believed that the business has drawn interest from possible buyers.
Will Wright, joint administrator to Beales at KPMG, told the BBC: “With the impact of high rents and rates exacerbated by disappointing trading over the Christmas period, and extensive discussions around additional investment proving unsuccessful, there were no other available options but to place the company into administration.
“Over the coming weeks, we will endeavour to continue to operate all stores as a going concern while we assess options for the business, including dealing with prospective interested parties.”