kmpg news and archive

Scottish independent retailer enters administration

McEwens, the Scottish independent family-run department store, has gone into administration with the loss of 110 jobs. Established in 1868 as a womenswear retailer, the company has a flagship department store in Perth, which features a restaurant, hair salon and medi-spa, as well as two smaller stores in Ballater and Oban. Joint administrators...

Business

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...

Business

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...

Retail

Retail growth “unlikely to improve” in 2016

British consumers are looking beyond retail to spend their disposable income, warns research from the KPMG and Ipsos Retail Think Tank, which states that retail growth is “unlikely to improve” in 2016. The research warns that the retail sector sales growth is set to drop back to around 1.7 percent in 2016 from about 1.8 percent in 2015, as...