Beatties staff ‘fear for their pensions’
Concerns for the future of Wolverhampton’s historic Beatties department store have left staff fearing for their pensions, according to a former worker.
Its owner House of Fraser revealed plans to close branches earlier this week – but has yet to confirm which stores are at risk.
And that has left the future of Beatties hanging in the balance.
Former worker Matthew Rea, from the Friends of Beatties Group, said past and present staff alike are worried what the future might hold.
But House of Fraser said its pension schemes are well funded.
Mr Rea said: "There is a massive concern from a lot of people about their pensions – from both ex-Beatties staff and current staff.
"No-one knows exactly what is going to happen.
"If it did close down it would be a crying shame – it is an iconic building.
"Beatties closing down would be a real shock for the city, it's a place so many people are passionate about.
"You dread to think about anything happening to that building.
"A lot of people would be very disappointed and it would be a big loss.
"It used to be a family business where everyone felt like they were part of the family – everyone knew each other.
"After House of Fraser took over that all changed. And I think that unfortunately it has gone too far now to save it."
The store in Victoria Street was once at the heart of the nationwide Beatties chain founded in Wolverhampton back in 1877.
It was taken over by House of Fraser in 2005, leading to the loss of several departments and others reduced in size.
Bosses from House of Fraser and its advisers from accountancy KPMG are now set to run the rule over department stores up and down the country to decide which will stay and which will go.
It is part of a major restructuring deal that will see House of Fraser’s Chinese owner Nanjing Cenbest sell a controlling stake to another Chinese group, Hamleys toy store owners C.banner, for £70 million.
A House of Fraser spokesman said the firm's pension schemes are 'healthy and well-funded' and there is no need for staff to be worried about losing out on their pensions.
The spokesman added: "House of Fraser runs two defined pension schemes that are well-funded with a surplus of about £97 million.
"Once the CVA is launched, the PPF will automatically become involved in the process as a creditor."
