BHS is the biggest collapse since Woolworths in 2008, as the troubled retailer has been unable to find a suitable buyer in the last few weeks. It has left the administrators with no other option but to close the business down.
163 stores will be closed leading to the loss of 8000 members of staff and potentially 3000 non-BHS employees who work in the stores.
Hilco Retail Services have been appointed to assist Duff & Phelps with the liquidation as the business is gradually wound down.
There were several interested parties over the last few weeks, however the much-needed funding failed to appear.
The administrators said in a statement, “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.”
“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.”
All stores will have closing down sales over the next few weeks. Customers should spend any gift vouchers as soon as possible to avoid losing out. It is unlikely you’ll be able to claim any refunds from now on in the closing down sales. Make sure to use a credit card if you’re spending more than £100 so there is the chance to claim it back under Section 75 Consumer Credit Act if anything is faulty.
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.
We are not involved in the liquidation and questions should be directed to Duff & Phelps who are handling the liquidation.