UK retailer BHS files for administration

24 April 2016 (Last Updated April 24th, 2016 18:30)

UK-based high street chain British Home Stores (BHS) has reportedly filed for administration, risking roughly 11,000 jobs.

UK-based high street chain British Home Stores (BHS) has reportedly filed for administration, risking roughly 11,000 jobs.

Duff & Phelps have been appointed as administrators, reported BBC.

Last March, Retail Acquisitions acquired the chain stores from Sir Philip Green.

The company was reported to have been contemplating the closure of around 52 unprofitable BHS stores across Manchester, Leeds and Birmingham.

"Earlier this month, BHS sold the leasehold of its Oxford Street store for £50m."

Earlier this month, BHS sold the leasehold of its Oxford Street store for £50m, reported Financial Times.

Majority owned by Mike Ashley, retail firm Sports Direct had been holding negotiations to acquire several stores of BHS.

Financial Times quoted two people familiar with the matter as saying that Sports Direct had also been considering to purchase the company.

Owning 164 stores, BHS stated in its website on 22 April that despite some press speculation it is not in, nor has applied to go into administration.

However, administrators Philip Duffy and Benjamin Wiles of Duff & Phelps were quoted by Independent as saying that BHS had 'no alternative but to put the group into administration to protect it for all creditors'.