The department store for elderly relatives has been struggling for a while, and clocked up a pre-tax loss of £69 million.
The chain has 185 stores in total, and has been on the high street since 1928, and was inspired by the launch of Woolworths, but wanted to be a bit classier.
BHS has been a central part of the Green empire, which includes Topshop, Dorothy Perkins, Miss Selfridge and Wallis, since he bought the chain for £200million in 2000.
Sir Phil bought the company in 2000 for £200m from the Storehouse group. Initially, it was a success and was one of the main reasons that helped Green to become a billionaire and opened the opportunity for him to buy Arcadia. However, the high street is a very, very different place to the one it was at the turn of the Millennium.
2013 saw sales at the chain dip 3.5% to £675.7 million, and a pre-tax loss of £69.6 million. Blimey. Despite a near 1% rise in sales to £2.7billion, BHS slid further into the red. The group also did not pay out a dividend for the ninth year in a row.
According to rumours, Primark had been sniffing around the chain as well as HMV restructurers Hilco.