BHS is expected to go into liquidation after administrators at Duff & Phelps failed to find a buyer for the business.
A deal with a new venture Richess Group, fronted by Mothercare director Greg Tufnell and backed by the Portuguese Dos Santos family, has fallen through.
BHS called a meeting with a management team this afternoon to tell them the news.
According to the Sunday Times, Mike Ashley made a last minute intervention with a final bid, but administrators did not accept the offer.
BHS’s 164-store portfolio will now be disposed of and the space relet where possible.
As a result, landlords of BHS stores will be left with vacant units. It has been reported that shops will stay open until stock runs out.
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Looks like it’s the official end of #BHS the ‘brand’.. https://t.co/cgmbBnOXGw
— Will Torr (@WillTorr) June 2, 2016
Very sad news. Now confirmed we need to put some thought into how we fill a massive void in Eastgate St #Gloucester https://t.co/kK32ZKyoVu — Rob Ellis (@robellis82) June 2, 2016
V sad news for the hard working & honest employees. Previous owners must surely be pleased with their hard work. https://t.co/zFxXWIk4IW
— Jack Panton (@JackPanton) June 2, 2016
