11,000 jobs to be lost as BHS fails to secure a buyer

11,000 jobs will be lost as a rescue deal could not be struck to save British Home Stores (BHS).

A buyer could not be found for the department store chain, which wasplaced in administration in April.

During the five week sales process, administrators Duff & Phelps could not identify a suitable buyer for BHS despite receiving “multiple offers”.

All 163 BHS stores are set to close in the next several weeks and staff at the department store’s head office in London are likely to be made redundant on Thursday.

The collapse will result in around the loss of 8,000 staff jobs, whereas a further 3,000 non-BHS employees who worked in the stores are expected to be at risk.

In a statement, the administrators said: “Despite the considerable efforts of the administrators and BHS senior management, it has not been possible to agree a sale of the business.

“Although multiple offers were received, none were able to complete a deal due to the working capital required to secure the future of the company.

Philip Duffy, managing director of Duff & Phelps, added: “The British high street is changing and in these turbulent times for retailers, BHS has fallen as another victim of the seismic shifts we are seeing.

“The tireless work and goodwill of the existing management team and employees of BHS with the support of my team were not enough to change the fortunes of the company.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →