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