BHS winds down as rescue attempt fails

Department store BHS is to go into liquidation with the loss of up to 11,000 jobs after efforts to find a buyer failed.
The decision followed a lengthy bidding process aimed at saving BHS, which went into administration in April.
But none of the offers was judged acceptable by administrators Duff & Phelps, who blamed "seismic shifts" in the retail sector for the collapse.
All 163 BHS stores will be holding closing sales over the coming weeks.
Hilco Retail Services has been appointed to assist in the process of winding down the BHS store network.



Hopes of rescuing the store chain had rested on a late offer from a company led by retailer Greg Tufnell and reportedly backed by Portuguese money.
But sources told Slash News that in the end, the financial backing for the bid failed to materialise.
Other bidders who failed to convince the administrators included a consortium led by Matalan founder John Hargreaves, as well as separate offers from Sports Direct's Mike Ashley and Poundstretcher boss Aziz Tayub.