Remaining BHS stores to close
BHS is to close its remaining stores in the UK within the next four weeks, Sky News has reported. The move will possibly cost 5,000 jobs.
The department store chain fell into administration this past April. According to Sky News, administrators are expected to announce the closure of the last 114 stores on Monday.
The BHS debacle, which saw retail tycoon Philip Green sell the company to Retail Acquisitions, owned by Dominic Chappell, for a bargain, has led to uproar in Parliament. Green’s deal left the company’s pension fund with a 571 million pound loss, and politicians are now calling for his head.
Green has admitted under extensive questioning that he was wrong to have sold the company to Chappell, who has no retail experience and is deemed by British lawmakers to be a ‘manifestly unsuitable purchaser’.
According to Thompson Reuters, politicians are demanding that Green’s knighthood be revoked. He was knighted in 2006. The situation is currently under review.