// Beales to reopen its 44,000sq ft Peterborough store
// The department store chain collapsed into administration in January last year
Beales’ new owner New Start 2020 will reportedly reopen its 44,000sq ft Peterborough store, which spans across three floors.
The department store chain collapsed into administration in January last year, 139 years after it was founded in Bournemouth.
Administrator KPMG was forced to close all 21 Beales stores and liquidate stock after receiving no offers from interested buyers.
READ MORE:
- Beales’ suppliers, staff & landlords owed £17.6m
- Coronavirus prompts last 11 Beales stores to shut down 2 weeks early
The Peterborough store is expected to reopen in May, Drapers reported.
Chief executive Tony Brown said there will be more opportunities for further UK store openings over the next year.
Brown also said that the Beales model has changed.
Before, it would sell 60 per cent concession-based products and 40 per cent own-bought, and this is now around 83 per cent concessions and 15 per cent own-bought.
In March last year, a report from administrators at KPMG showed that Beales’ unsecured creditors were owed around £17.6 million.
KPMG said at the time that unsecured creditors – which includes suppliers, fashion concessions, staff and landlords – are expected to receive a dividend.
However, the administrators were “not yet able to confirm the quantum or timing of any distribution”.
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