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Weekly Edition - Published  06 June 2016

 

Local News Report - Mobile Page

 

BHS set to close after administrators failed to find a buyer

THE iconic British Home Stores, (BHS) was started out in 1928 in a store in Brixton, South London. It grew into one of the most iconic names on the British High Street, with 163 shops. Sadly, with worry of an EU exit and fears for the long term survival of retail shops, the hopes of its staff that administrators would find a buyer for the retailer were dashed when, on 2 June 2016, the deadline ran out. Administrator Duff and Phelps, said that 8,000 permanent jobs are likely to be lost and another 3,000 who are not directly employed by BHS are also now at risk. Philip Duffy, who is the Managing Director of Duff & Phelps told the media, in a statement that:- "The British High Street is changing. Sadly, in these turbulent times for retailers, BHS has fallen. It is another victim of the seismic shifts we are seeing within the retail environment. 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." This news also comes just days after administrators to Austin Reed told staff and the media that they were closing Austin Reed's 120 stores, due to failing to find a buyer for that business. The loss of jobs in the UK from Austin Reed's closure will result in approximately 1,000 more in the employment queues. Not all are blaming the closure of BHS on just the "seismic shifts" we are seeing in retail, with some calling for an "accelerated Insolvency Service investigation" to look at its collapse. Something that Business Minister, Anna Soubry, has said will take place. Dave Gill, of shopworkers' trade union Usdaw, said:- "This news is a devastating blow for the staff and the shock waves will be felt on High Streets throughout the country. There are some very serious questions that need to be answered, by former owners of the business, about how a company with decades of history and experience in retail has now come to this very sorry end." We are told that the restructuring firm 'Hilco' will now be tasked with helping liquidate BHS's store estate and remaining stock. Are you one of the staff affected in Liverpool or Southport? What are your views with the loss of yet another British brand, just before the EU vote? Your views please to:- News24@SouthportReporter.com.

 

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