Administrators to shut down 163 BHS stores with loss of thousands of jobs
Troubled retailer BHS is to close down with the loss of up to 11,000 jobs after a sale of the business could not be agreed.
All its 163 stores will hold closing down sales in the next few weeks after a rescue bid failed, it was announced this afternoon by administrators at Duff and Phelps.
They said in a statement: “Whilst continuing efforts will be made by the administrators to sell stores, the jobs of 8,000 members of staff are likely to go.
“A further 3,000 jobs of none BHS employees who work in the stores may also be at risk.”
Multiple bidders were said to be interested in BHS Group, but none could agree to a deal because of the amount of investment needed to keep the business going.
Branches in Yorkshire include the Ridings Shopping Centre in Wakefield, White Rose Centre in Leeds and Trinity centre in Leeds.
Philip Duffy, managing director of Duff and Phelps and joint administrator, said “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.
“The tireless work and goodwill of the existing management team and employees of BHS with the support of my team were not enough to change the fortunes of the company.”