The news BHS is to be ‘wound down’ means 11,000 jobs are ‘likely to go’, administrators have announced today.
In a statement Philip Duffy and Benjamin Wiles, managing directors of administrators Duff & Phelps, also revealed all 163 stores will go into closing sale mode while buyers are sought for the buildings.
Across Sussex this includes branches in Crawley, Chichester, Eastbourne, Horsham, Hastings and Worthing.
It revealed ‘despite the considerable efforts’ of both the administrators and BHS senior Management ‘it has not been possible to agree a sale of the business’.
Philip Duffy, joint administrator, said: “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.”
The statement also said: “Although multiple offers were received, none were able to complete a deal due the working capital required to secure the future of the company.
“Our thoughts today are with the employees. We thank them for their professionalism and hard work. We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales.”
BHS employs 8000 members of staff who ‘are likely to go’, while a further ‘3000 jobs of none BHS employees who work in the stores may also be at risk’.