Collapsed department store chain BHS has entered liquidation after going into administration in April this year.
It marks the latest chapter in the heritage retailer’s fall from grace, and brings it one step closer to providing a final payment to creditors by allowing it to hand back the leases it holds on empty stores.
Since April, BHS has stayed in headlines after a £571 million black hole was revealed, which lead to a parliamentary inquiry and report and embroiled former owners Sir Philip Green and Dominic Chappell in controversy.
Malcolm Weir, head of restructuring and insolvency at the Pension Protection Fund, said: “We believe the liquidation is the right way to secure the best possible recovery for the pension schemes and other creditors of the insolvent company.
“The liquidator will now be able to progress all remaining issues, including the leases and the ongoing investigatory work.”