One of Britain’s best known department store chains, British Home Stores (BHS), is to close after attempts to find a buyer failed.
More than 10,000 people will lose their jobs. That includes 8,000 BHS staff and 3,000 other who are not directly employed by the group such as contract workers.
“The British high street is changing and in these turbulent times for retailers, BHS has fallen as another victim of the seismic shifts we are seeing,” said administrator Philip Duffy who was brought in to try and sell it as a going concern.
‘Lamentable failure of behaviour’
Former owner Philip Green, has been heavily criticised for selling BHS with huge debts and staff pension liabilities after taking hundreds of millions of pounds out of it.
The head of Britain’s Institute of Directors, Simon Walker, accused Green of a “lamentable failure of behaviour” adding that his behaviour risked “deeply damaging” the British business world.
Green sold the chain to a group of little-known investors led by a former bankrupt called Dominic Chappell for one pound in March 2015.
The billionaire, who is Chairman of the Arcadia Group, a retail company that includes Topshop, Topman, Wallis, Evans, Burton, Miss Selfridge, Dorothy Perkins, and Outfit, is to be questioned about that on June 15 by British lawmakers on the Work & Pensions and Business Committees.