Sports Direct launches bid to buy stores of UK’s collapsed retailer BHS

2 May 2016 (Last Updated May 2nd, 2016 18:30)

Retail group Sports Direct is reportedly planning to rescue UK department store chain British Home Stores (BHS), which recently collapsed into administration and put 11,000 jobs at risk.

BHS

Retail group Sports Direct is reportedly planning to rescue UK department store chain British Home Stores (BHS), which recently collapsed into administration and put 11,000 jobs at risk.

Sports Direct owner Mike Ashley is holding talks and in the process of rescuing the stores group before administrators were called in, reported the Sunday Telegraph.

Ashley told the newspaper: "Any continuing interest that we have in BHS would be on the basis that we would anticipate that there would not be any job losses, including jobs at head office, and that all stores would remain open."

A source said that the administrator Duff & Phelps received around 50 expressions of interest for the department store group.

BHS was recently forced into administration after its owner Dominic Chappell was unable to obtain funding to keep the business running.

"Any continuing interest that we have in BHS would be on the basis that we would anticipate that there would not be any job losses."

The administrators expect to save at least a portion of the business, as well as its 164 stores.

The Co-operative Group chairman Allan Leighton, who stepped down as BHS chairman nine years ago, is believed to be considering a bid for a majority of BHS stores.

South African billionnaire Christo Wiese and Edinburgh Woollen Mill owner Philip Day are also said to be interested in buying BHS stores.

UK businessman Yousuf Bhailok also launched a bid to rescue the collapsed store chain.


Image: BHS, High Street, Lincoln, Lincolnshire, UK. Photo: courtesy of Mtaylor848 via Wikipedia.