BHS sold by Sir Philip Green
Remember BHS? That's right! They're those confusing shops that can't decide what they are or what logo to use on their stores! Well, we wrote about them as a Deathwatch a while ago, and it seems that owner Sir Philip Green has had enough, selling the company to the excitingly named investment ventricle Retail Acquisitions Ltd.
British Home Stores was part of the Arcadia Group, alongside TopShop, Evans and Burton and was founded in Brixton in 1928. It currently has 180 stores and no-one is quite sure what they're for.
Thanks to their confusing presence and generally being a bit crap, BHS has been struggling for some time. In 2013, they lost £69.6m and haven't looked like they're going to become reinvigorated any time soon. Sir Philip bought BHS for a whopping £200m in 2000. Initially, it did rather well, but now, it is incredibly dowdy.
Sir Philip says: "I am pleased that we have found a buyer in Retail Acquisitions Ltd who wants to develop the BHS brand. Having acquired the business nearly 15 years ago in May 2000, one of my clear objectives in identifying a purchaser was ensuring their desire to take the business forward."
A new chairperson is going to be installed in the coming months, who will need to give the stores a clean, some life and work out what they're for. Only then, will it stand a chance of surviving on the British high street.
TOPICS: High Street News