BHS is to go into liquidation after administrators failed to secure a viable rescue deal for the retailer.
After the chain went into administration back in April, numerous parties have come forward with offers. A Portuguese-backed consortium known as the Richess Group had been the front runner in recent weeks and earlier reports suggested a deal was close to being done.
However, a statement issued this afternoon from the administrator Duff & Phelps said: “Despite the considerable efforts of the administrators and BHS senior management, 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.”
Philip Duffy, Managing Director of Duff & Phelps, commented: “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.”
Three firms – Alteri, Hilco and Gordon Brothers – have been lined up as liquidators with all 163 BHS stores set to hold closing down sales over the coming weeks.