BHS is being closed after administrators couldn’t find a buyer for the insolvent department store. 11,000 jobs are likely to be lost across the country.
Staff were due to hear today and ITV’s Business News producer Joanna Partridge broke the news of its closure, tweeting she has been told by a staff member: “It’s all over.”
Administrators Duff & Phelps confirmed the news to BI over email. Here’s the full statement:
Philip Duffy and Benjamin Wiles, Managing Directors of Duff & Phelps (the Administrators) have today announced the orderly wind down of the BHS business.
Despite the considerable efforts of the Administrators and BHS senior Management it has not been possible to agree a sale of the business. Although multiple offers were received, none were able to complete a deal due the working capital required to secure the future of the company.
Our thoughts today are with the employees. We thank them for their professionalism and hard work. We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales.
As a result of the wind down all 163 stores will be in close down sale mode over the coming weeks and whilst continuing efforts will be made by the administrators to sell stores the jobs of 8000 members of staff are likely to go. A further 3000 jobs of none BHS employees who work in the stores may also be at risk.
BHS collapsed in April, putting 11,000 jobs at risk. Duff & Phelps have been running a sale process ever since, but are now likely to call in liquidator to break up the business and sell it for parts.
This story is developing. Keep checking back for more.