Creditors back plans to turn embattled retailer BHS around
Published 23/03/2016 | 12:47
Embattled retailer BHS has been thrown a lifeline after creditors backed controversial plans to turn around the business.
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."