Wednesday 7 December 2016

Creditors back plans to turn embattled retailer BHS around

Published 23/03/2016 | 12:47

File photo dated 26/01/15 of a branch of BHS, as the embattled retailer will discover on Wednesday whether creditors will back its plans to turn around the business by slashing the rents on more than half of its UK stores. PRESS ASSOCIATION Photo. Issue date: Tuesday March 22, 2016. The department store chain has called on creditors to vote in favour of two company voluntary arrangements (CVAs), which aim to cut costs and prevent widespread store closures. See PA story CITY BHS. Photo credit should read: Dominic Lipinski/PA Wire
File photo dated 26/01/15 of a branch of BHS, as the embattled retailer will discover on Wednesday whether creditors will back its plans to turn around the business by slashing the rents on more than half of its UK stores. PRESS ASSOCIATION Photo. Issue date: Tuesday March 22, 2016. The department store chain has called on creditors to vote in favour of two company voluntary arrangements (CVAs), which aim to cut costs and prevent widespread store closures. See PA story CITY BHS. Photo credit should read: Dominic Lipinski/PA Wire

Embattled retailer BHS has been thrown a lifeline after creditors backed controversial plans to turn around the business.

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The department store chain said creditors voted in favour of its company voluntary arrangement (CVA) for BHS Limited, which aims to revive the ailing business by cutting costs and preventing widespread store closures.

The company said the decision to back the CVA for BHS Limited - which represents 125 stores - will ensure the continuation of the group.

It said: "The success of the CVA of BHS Limited will enable the business to continue the group-wide updated turnaround plan and safeguard the future of BHS, protecting thousands of UK jobs."

Press Association

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