BealesDLA Grabs Latest Restructuring Mandate as Beales Enters Administration
The firm has won several mandates in recent mandates as the U.K. high street continues to struggle.
January 21, 2020 at 05:09 AM
2 minute read
DLA Piper has secured a role advising on the administration process of U.K. department store Beales.
The firm is advising KPMG, which has been appointed as the administrators for the retail chain. Leeds-based restructuring partner Barney Smedley is leading for DLA.
Beales has been facing financial difficulties since December, when it instructed KPMG to look into its finances.
It is the latest restructuring mandate for DLA, which has recently taken roles on the administration of womenswear retailer LK Bennett, and the company voluntary agreement (CVA) of restaurant chain Gourmet Burger Kitchen.
It has also taken a role for the banks on the administration process of childrenswear retailer Mamas & Papas, with Smedley again leading for the firm.
Beales is the latest department store to face difficulties on the high street, with Debenhams and House of Fraser both undertaking restructuring processes in the 18 months.
In September, lawyers at Freshfields Bruckhaus Deringer, Travers Smith, Kirkland & Ellis and Allen & Overy secured a victory for Debenhams in the High Court in fending off a challenge to a CVA intended to save the company from collapse.
Other recent restructurings on the high street include Mexican food chain Chilango, which is looking to complete a CVA with the advice of Shoosmiths, while in November Bird & Bird picked up a mandate to advise on the administration of childrenswear retailer Mothercare.
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