- Vivian Hendriksz |
London - The UK high street was handed a shocking blow on Thursday, when news broke that administrators Duff & Phelps had been unable to find a suitable buyer to save collapsed department store chain British Home Stores (BHS).
A former staple store on the high streets, BHS entered into administration 5 weeks ago. Administrators fought to find a viable buyer to take on the chain, but after several last minute rescue bids where unable to find one. Now, the struggling retailer will see an orderly wind down of its 163 store portfolio and London head office, resulting in the loss of 11,000 jobs.
Hilco, restructuring specialist, has been appointed as BHS's liquidator and together with Duff & Phelps, will work to extend the "viable trading period of the store network in order to realise maximum returns for creditors." Paul McGowan, chief executive of Hilco said: "Our extensive experience in the European retail sector means we are well placed to support Duff & Phelps, and we will work alongside them in this complex situation."