The administrators tasked with selling British Home Stores (BHS) have announced that the business is to be wound down after failing to agree a deal.
Philip Duffy and Benjamin Wiles, Managing Directors of Duff & Phelps, today announced the orderly wind down of the business despite multiple offers being received.
None of the individuals who tabled the offers were able to complete a deal due the working capital required to secure the future of the company.
As news of the wind down broke, a spokesman for British Home Stores said: “Our thoughts today are with the employees. We thank them for their professionalism and hard work.
“We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales.”
As a result of the announcement, all 163 stores will be closed down over the coming weeks and whilst continuing efforts will be made by the administrators to sell stores, the jobs of 8000 members of staff are likely to go.
A further 3000 jobs of none BHS employees who work in the stores may also be at risk.
Philip Duffy, Managing Director of Duff & 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.”