BHS administration as Duff & Phelps fail to seek a suitable buyer

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BHS entered into administration after their administrators Duff & Phelps were unable to seek out a buyer, resulting in:

  • The closure of 163 stores
  • Loss of 11,000 jobs.
  • Further 3,000 jobs of non-BHS concession employees may also be at risk.

MPs partnered with the Business, Innovation and Skills Committee to launch an probe into the sale of BHS in 2015. The steps taken by Arcadia Group are being investigated steps taken by Arcadia Group to confirm that current owners Retail Acquisitions Limited (RAL) acted responsibly as an owner at the time of the sale.

Business secretary Sajid Javid has also appointed the Insolvency Service to launch an immediate investigation into the actions of BHS’s former directors and current senior management team following failure of the business.

Duff & Phelps’ announcement arrives just 24 hours after another high street retailer Austin Reed confirmed that all of its stores were due to close after administrators failed to seek a buyer.

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