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Beales’ ex-owner & biggest landlord blames collapse on tax system

// Beales’ former owner Andrew Perloff blames administration on “excessive & outdated” tax system
// Beales’ administration 1300 jobs at risk

Beales’ former owner and the landlord of over half of its properties, Panther Securities has blamed its collapse on an “outdated” tax system.

Panther Securities chairman Andrew Perloff said an “excessive and outdated” tax system was weighing the stores down, Property Week reported.

The department store chain fell into administration 10 days ago after failing to secure a sale to a new owner. KPMG were appointed as administrators following a board meeting.

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The administration 1300 jobs at risk.

It is understood that Beales’ 22 stores will operate as per usual, with no immediate closures confirmed although the retailer’s website was taken down following the announcement.

Perloff previously owned Beales but sold his family’s interest in October 2018.

He said that even if the tax system changes now, it may be too late for a lot of stores.

He also suggested that Panther Securities, which owns 13 of Beales’ 26 stores, would not sell its buildings on.

Panther Securities said in a statement that it believed there would not be “a material effect on the value of Beales’ properties”.

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The post Beales’ ex-owner & biggest landlord blames collapse on tax system appeared first on Retail Gazette.



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