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A historic department store has revealed they are to permanently close their last remaining shop and they have blamed the Chancellor’s Autumn Budget for the decision.
Beales is one of the UK’s oldest stores and has been operating for 140-years, Rachel Reeve’s increase in the minimum wage and the employers national insurance contributions is the final straw for the department store.
Speaking to the Telegraph Beales chief executive Tony Brown said the business has now become “unviable” as they will be affected by higher cost increases from Labour’s Autumn Budget.
He added, “This, coupled with the risks and uncertainty of further tax increases in the coming years, have left us no other option.
“We have been working with the Dolphin Centre, who have been supportive, along with our investors to ensure an orderly exit.
“Our team has been informed, as have our suppliers. We will ensure the exit is managed and no one will be left with a financial loss.”
Read more related news:
Retailers warn the Chancellor’s Budget will lead to tens of thousands of ‘job losses’
Beales went into administration in January 2020 and they closed 22 out of their 23 shops and Poole’s Dolphin Centre store will cease trading at the end of May.
The British Independent Retailers Association (Bira), commercial director Jeff Moody said, “We are deeply saddened to learn of Beales’ closure.
“This is not just the loss of another shop – it represents the end of a retail institution that has served communities for nearly one-and-a-half centuries.
“This closure starkly illustrates the devastating impact that recent tax increases are having on our retail sector.”
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