BHS Files for Administration

Posted on 25 April, 2016 by Chris Grigorovsky

High Street Retailer British Home Stores has had “no alternative” and officially gone into administration following a struggle with £1.3bn worth of debts.

BHS

For 88 years, the department store has been a mainstay in UK high streets but now it faces a wealth of uncertainty after it failed to find a buyer, putting 11,000 jobs at risk across 164 stores.

While administrators attempt to sell part or all of the department store group, trade will continue as usual until further notice.

BHS has fallen victim to the number of cheaper and more tech-savvy rivals currently on the market.

The £1.3bn of debt includes £571m in pension liabilities which pension regulators said they would investigate as there are more than 20,000 pension holders.

If a buyer can’t be found then this will be the biggest high street name to go since Woolworths back in 2008.




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme