Bournemouth-based retailer Beales has secured a rescue package in the form of a CVA, which will see rent cut at 11 of its 29 stores, reports The Guardian.
In a process similar to that which took place at BHS earlier this week, Beales' creditors voted in favour of a CVA in the hope that the reprieve will give the department store a chance to recover. The Horsham store was removed from the agreement, and will close in the summer.
KPMG's Rob Croxen, who supervised the CVA, comments: “Today’s creditor vote in favour of the CVA proposal will allow Beales to take its first critical step towards turning the business around, tackling head-on the issue of onerous legacy leases which have hampered the organisation in recent years.”
Beales was bought by Andrew Perloff, owner of the Airsprung Group, last year.
