Last attempts at saving British department store chain BHS have failed to materialise, causing the retailer to officially cease trading.
BHS will depart from the high street resulting in the loss of up to 11,000 jobs and the closure of all 163 stores. The remainder will be solder to other retailers/
Administrators Duff and Phelps noted that 8,000 permanent jobs are likely to be lost and another 3,000 not directly employed by BHS are also at risk.
After many attempts and discussions with possible buyers, the final bid for BHS from former Mothercare boss Greg Tufnell was rejected.
“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” Duff & Phelps 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,” said Philip Duffy, Duff and Phelps Managing Director.
“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.”
Administrators added that the retailer will have a closing down sale over the coming weeks as it processes an “orderly wind-down” of the business.