Beales, a historic UK department store operating for 140 years, will permanently close its last shop, attributing the decision to financial strain from the Chancellor's Autumn Budget. The increase in minimum wage and employers' national insurance contributions, according to CEO Tony Brown, has made the business unviable. Following a troubled history, including administration in 2020 and a closure of 22 of 23 shops, the company's final store in Poole is set to close in May. The British Independent Retailers Association highlights the broader impact of tax increases on the retail sector, predicting significant job losses.
This closure starkly illustrates the devastating impact that recent tax increases are having on our retail sector.
We have been working with the Dolphin Centre, who have been supportive, along with our investors to ensure an orderly exit.
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