11,000 jobs on the line as BHS collapses

3 June 2016
BHS collapse

It looks all but over for BHS, as it is most likely to be wound up, which mens 11,000 people's jobs going with it. This is all happening after administrators admitted that they just couldn't find a buyer for the company.

In a statement, the administrators said that there had been some offers, but not one of them were able to complete the deal, given the amount of money needed to secure the future of BHS.

So, all 163 stores on the high street will be closed, with a fire sale in the coming weeks.

This is the biggest closure since Woolworths vanished from British streets.

What next? Administrators Duff & Phelps have said that they're going to carry on trying to sell off the stores, but all of BHS shop staff are not likely to get any jobs from it.

Philip Duffy, managing director of Duff & Phelps, said: "The British high street is changing and in these turbulent times for retailers, BHS has fallen as another victim of the seismic shifts we are seeing."

"The tireless work and goodwill of the existing management team and employees of BHS with the support of my team were not enough to change the fortunes of the company."

As you know, BHS went into administration last month, a year after Sir Philip Green sold the company to Retail Acquisitions (RA) for £1. Some level the blame squarely at Green, which obviously, he's refuting.

Green is going to make an appearance before MPs later this month regarding this whole business.

The Pension Protection Fund (PPF) will now have to sort out the £571 million BHS pension black hole.

TOPICS:   High Street News   UK News

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