// Beales’ former owner Andrew Perloff blames administration on “excessive & outdated” tax system
// Beales’ administration has placed 1300 jobs at risk
Beales’ former owner and the landlord of over half of its properties, Panther Securities, has blamed the department store’s collapse on an “outdated” tax system.
Panther Securities chairman Andrew Perloff said an “excessive and outdated” tax system was weighing the stores down, Property Week reported.
The department store chain fell into administration last week after failing to secure a sale to a new owner.
- Beales: What went wrong?
- Beales paying £1m more in business rates than it should be
- 1300 jobs at risk as Beales collapses into administration
The administration places 1300 jobs at risk.
It is understood that Beales’ 22 stores will operate as per usual, with no immediate closures confirmed although the retailer’s website was taken down shorty after KPMG were appointed as administrators.
Perloff sold his family’s stake in Beales in October 2018.
He said that even if the tax system changes now, it may be too late for a lot of stores.
He also suggested that Panther Securities, which owns 13 of Beales’ 26 properties, would not sell its buildings on.
Panther Securities said in a statement that it believed there would not be “a material effect on the value of Beales’ properties”.