British Home Stores (BHS) is the latest casualty among iconic department stores. Despite attempts to solicit offers from would be buyers, none were deemed solid enough financially to extend the retailer's life. The chain of 160 stores is currently being wound down with liquidation sales about to start.
Among the retailers said to be intersted in buying parts of BHS, predominantly real estate and mall leases are Next, Primark and Sports Direct. Some 11,000 workers will be left without jobs. In addition, the pension scheme is underfunded, leaving even more question marks about the impact on empployees.
British Home Stores was founded nearly 90 years ago (1928) in Brixton, England. The chain had been owned for some 15 years by Sir Philip Green and his Arcadia Group (which also owns British specialty retailer, Top Shop). He sold BHS in early 2015 to investment group Retail Acquisitions. In April 2016 BHS went into administration (bankruptcy court).