Department store chain Beales has put itself up for sale in a bid to secure a sustainable future for the company in a challenging retail environment.
The Bournemouth-based company has appointed KPMG to conduct a strategic review of the firm, including assessing a potential sale.
Yesterday, Sky News reported that the review could lead to its exit from a number of stores and see it attempt to renegotiate rents with landlords.
The chain, which was founded in 1881, said it is seeking investment to implement further cost saving strategies as it “continues to acclimatise to the ever-changing landscape and challenges of the retail market”.
The group is also seeking to develop its focus on housewares, small domestic appliances, fashion accessories and shoes, which are all showing “significant sales improvements”.
The 22-strong department store group said it wants to build on the success of its new Fareham store by acquiring retail sites of a similar format.
Sky News said the retailer is keen to explore debt raising options to allow it to speed up its restructuring plans.
Beales is majority owned by Tony Brown, who has previously held senior positions at high street chains including Peacocks and BHS.
Brown led a management buyout of the firm last year.