Tuesday 28 January 2020

BHS group faces administration

British department store group BHS is expected to go into administration. This would threaten nearly 8,000 jobs at the company and another 3,000 contractors working with the 88-year-old firm, which has 164 stores.

Reports suggest talks about a £60m (€77m) financing deal with investment firm Gordon Brothers failed. Mike Ashley's Sports Direct had also reportedly been in talks about a last-minute rescue.

BHS has been hit hard by intense competition in the retail sector. In March, it won support from its creditors for a rescue plan to try to allow the group to stay in business thanks to big cuts in its rent bill.

The chain was bought in March 2015 by buyout firm Retail Acquisitions, a collection of little-known investors.

Irish Independent

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