BHS Rescue Attempt Fails
BHS Rescue Attempt Fails
BHS administrators have failed to find a buyer with a suitable offer and as a result have decided to wind down the business and start proceedings for closing down sales.
Although a lengthy bidding process took place, none of the offers were accepted, leaving BHS to go into liquidation, ensuring 8,000 jobs will be lost, 3,000 jobs will be at risk and 163 shops will be closed and sold off to other retailers.
Despite multiple offers received, BHS unfortunately could not reach a deal that could achieve the required working capital that was needed to secure its future and potential buyers lost interest after being told to increase the value of their bids.
A late offer by Greg Tufnell, reportedly backed by Portuguese money, was the company’s hope of being rescued but unfortunately the financial backing needed for the bid failed to materialise.
Hilco Retail Services have been appointed to help BHS in their winding down process and will ensure that stores continue to trade for as long as possible in order to pay back creditors.
Former BHS owner, Sir Philip Green, is “saddened and disappointed” that the retailer is unable to stay on the high street but is due to be questioned over his role in the collapse of the business after he payed a £400 million dividend to his family from the business.
BHS Rescue Attempt Fails
