Debenhams and M&S to gain from potential BHS break up

With the deadline for buyers bidding for the collapsed retail chain British Home Stores (BHS) having past, it only remains a matter of time until administrators Duff & Phelps announce the new owner. However, the lucky bidder would have to take over BHS entire UK 164 store network - including 40 loss-making stores - as well as the department stores debt liabilities, a risky bet for any buyer. But what happens if none of the bids are successful and BHS is disbanded and sold off bit by bit?