British Home Stores has entered administration putting 11,000 jobs and 164 stores at risk
We knew it was teetering on the edge of administration, as it’s been on the lookout for a buyer for some time, but it seems British Home Stores (BHS) has finally succumbed to the retail climate.
The collapse of 88-year-old BHS will be the biggest high street failure since Woolworths in 2008, if a buyer is not found for the retailer.
Employing 11,000 people across 164 stores, BHS has been a household name for decades, but has struggled with the modern retail climate, as shoppers ditch the high street to buy clothes and household goods online.
Administrators Philip Duffy and Benjamin Wiles, of Duff & Phelps, said in a statement: “The group has been undergoing restructuring and, as has been widely reported, the shareholders have been in negotiations to find a buyer for the business.”
They said they are still on the lookout for a buyer for the brand, which has £1.3bn of debt and a £571m pension deficit.