Administrators for British Home Stores (BHS) have announced that it has not been possible to agree a sale, resulting in the closure of all 163 stores across the country, including two in Lincoln.
As previously reported, BHS filed for administration on April 25, 2016, putting around 100 Lincoln jobs at risk. The company had a £571 million deficit, which was affecting talks with potential buyers.
Administrators Duff & Phelps confirmed on June 2 that despite efforts by both themselves and the BHS senior management team, none of the offers received were able to complete a deal due the working capital required to secure the future of the company.
As a result, all 163 stores will enter into close down sales and they will cease trading over the coming weeks, resulting in over 8,000 job loses, including around 100 in Lincoln.
Administrators will continue efforts throughout this process to sell stores.
Philip Duffy, Managing Director and Joint Administrator, said:
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.
“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.”
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