Customers are saddened but not surprised by Britain’s biggest retail failure since Woolworths Shoppers: Stores are stuck in the 90sBad news for older customersBHS to enter administration when courts openFull account: BHS heading for administration as rescue deal failsTimeline: The BHS storyBHS disaster has ‘unpleasant echoes’ of Woolworths 12.18pm BSTBREAKING: BHS has officially fallen into administration,and is now under the control of Duff & Phelps.
Here’s the official statement, which confirms they will keep BHS stores open while they try to sell the group as a ‘going concern’.
Philip Duffy and Benjamin Wiles, and Managing Directors at Duff & Phelps absorb today been appointed Joint Administrators of BHS (The Group). The Group has been undergoing restructuring and,as has been widely reported, the shareholders absorb been in negotiations to find a buyer for the business. These negotiations absorb been unsuccessful. In addition property sales absorb not materialised as expected in both number and value. Consequently, or as a result of a lower than expected cash balance,the Group is very unlikely to meet all contractual payments.
Confirmed: BHS now officially in administration. Will continue trading and Duff & Phelps will try to sell as going concern 12.13pm BSTIf you’re just tuning in, here’s our updated news account on the BHS crisis:BHS is going into administration after failing to agree a final-minute deal to rescue the department store chain.
The collapse of the retailer, or which employs 11000 people,will be the biggest failure on the tall street since the demise of Woolworths in 2008. Related: BHS heading for administration as rescue deal fails Continue reading...
Source: theguardian.com