After more than eight decades of trading, BHS is all prepared to go into liquidation as the acting administrators for BHS could not find a buyer for the high street retailer. The department store is shutting down its 164 stores, which will lead to the loss of 11,000 jobs, one of the biggest job cut in the British retail sector.
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Sir Philip Green, who owned BHS from 2000 until 2015, said he was ‘saddened and disappointed’ by the winding up order, issued by administrator Duff & Phelps. The retail specialist Hilco, which assisted BHS in winding up Woolworths and is better known as the owner of the music chain HMV, has been appointed by Duff & Phelps to assist it in shutting down the BHS’ shops and selling its assets. All the 164 stores will be shut after a closing-down sale to rid of remaining stocks, although there is a possibility that the brand may be sold for online or other purposes.
Dominic Chappell, who bought the business from Sir Philip in March last year, said that the news was devastating and that he was deeply sorry it has happened. Administrator Duff & Phelps declared the end of the road for the retailer after a five-week long sales process ended yesterday morning with no suitable buyer stepping forward. It is being said that the administrators believed that any would-be buyer needed at least £100m on day one to fund working capital for the retailer, to buy stock and pay rent and salaries.
