Wednesday, July 24, 2024

Jobs could go in Thurrock as BHS set to "file for administration".

UK retailer BHS could file for administration as early as Monday, threatening 11,000 jobs, the BBC understands.

Sources close to the owners told the BBC that "things don’t look good".

Talks are continuing with Sports Direct to buy some of BHS’s 164 stores but it is understood any buyer would only do so if it did not have to take on its £571m pension deficit.

Last year BHS was sold by the entrepreneur Sir Philip Green for £1.

He had bought it for £200m in 2000.

Its new owners, Retail Acquisitions, said they would deliver £160m of funding to help turn around the fortunes of the chain, but have not been able to raise the sum.

Shopworkers’ trade union Usdaw said it was "seeking urgent clarification from the company". It also called on BHS to begin a dialogue "at this difficult and worrying time for staff".

The loss-making chain store was bought by a little-known collection of financiers, lawyers and accountants with no retail experience.

Last month the brand was rescued from the brink after creditors voted to accept a cut in the rent bill for about half of BHS’s 164 stores.


Please enter your comment!
Please enter your name here


More articles