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BHS set to close
after administrators failed to find a buyer
THE iconic British Home
Stores, (BHS) was started out in 1928 in a store in Brixton, South
London. It grew into one of the most iconic names on the British
High Street, with 163 shops. Sadly, with worry of an EU exit and
fears for the long term survival of retail shops, the hopes of its
staff that administrators would find a buyer for the retailer were
dashed when, on 2 June 2016, the deadline ran out. Administrator
Duff and Phelps, said that 8,000 permanent jobs are likely to be
lost and another 3,000 who are not directly employed by BHS are also
now at risk. Philip Duffy, who is the Managing Director of Duff &
Phelps told the media, in a statement that:- "The British High
Street is changing. Sadly, in these turbulent times for retailers,
BHS has fallen. It is another victim of the seismic shifts we are
seeing within the retail environment. 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." This news also comes just days after
administrators to Austin Reed told staff and the media that they
were closing Austin Reed's 120 stores, due to failing to find a
buyer for that business. The loss of jobs in the UK from Austin
Reed's closure will result in approximately 1,000 more in the
employment queues. Not all are blaming the closure of BHS on just
the "seismic shifts" we are seeing in retail, with
some calling for an "accelerated Insolvency Service
investigation" to look at its collapse. Something that
Business Minister, Anna Soubry, has said will take place. Dave Gill,
of shopworkers' trade union Usdaw, said:- "This news is a
devastating blow for the staff and the shock waves will be felt on
High Streets throughout the country. There are some very serious
questions that need to be answered, by former owners of the
business, about how a company with decades of history and experience
in retail has now come to this very sorry end." We are told
that the restructuring firm 'Hilco' will now be tasked
with helping liquidate BHS's store estate and remaining stock. Are
you one of the staff affected in Liverpool or Southport? What are
your views with the loss of yet another British brand, just before
the EU vote? Your views please to:-
News24@SouthportReporter.com.
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