Home / Knowledge / News / Apparel/Garments / BHS to close down after rescue bid fails
BHS to close down after rescue bid fails
06
Jun '16
Courtesy: BHS
Courtesy: BHS
British department store chain BHS which has been around for 88 years, will be closed down after no buyer came forward to rescue the loss-making entity. The closure will mean up to 11,000 job losses.The decision followed a lengthy bidding process aimed at saving BHS, which went into administration in April.

Administrators Duff & Phelps, who took control of BHS in April, said in a statement on Thursday that “despite the considerable efforts?…?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 to the working capital required to secure the future of the company,” they added.

The administrators had spent the past five weeks scrambling to find a buyer among a dwindling band of possible rescuers.

Mike Ashley, the Sports Direct tycoon who had proposed to take over all 164 BHS stores, stepped away after reports that he had been outbid. Edinburgh Woollen Mill chief executive Philip Day was also said to have expressed interest, only to pull back.

Sir Philip Green, who owned BHS from 2000 until 2015, said he was “saddened and disappointed” by the winding up order. The winding-down process will deliver funds to secured creditors, including Sir Philip, who is owed some £40m.

Its collapse has left behind a pension deficit that will be absorbed by an official rescue fund, at an estimated cost of £275m.

BHS' closure marks the biggest collapse in British retail since Woolworths closed its doors in 2008

All BHS stores will be holding closing sales over the coming weeks. Hilco Retail Services - the company in charge of the liquidation process - will look for buyers for the stores and the business's other assets.

Hilco's job will be to ensure that the stores continue to trade for as long as possible to allow the administrators to generate the biggest possible returns for creditors - those owed money by BHS. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search