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Beales agrees deal with landlords

Department store group Beales has been given a lifeline after its creditors voted in favour of the retailer’s company volunteer arrangement. Beales’ adviser, KPMG, said that 93 percent of creditors voted in favour of the plan that will reduce rents for 11 of its 29 stores, including stores in Rochdale, Bolton, Yeovil and Winchester. KPMG...

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Beales seeks rent cuts to avoid closures

Historic department store Beales has filed a company voluntary arrangement (CVA) to the landlords of 14 of its 35 stores to seek a rent reduction of 70 percent so that it can avoid closing the units. Beales claims that it has been hit in recent years by ‘legacy leases’ that it states no longer reflect market value and its proposed company...