Friday, May 27, 2022
HomeNewsMiscTrading to continue ‘as usual’ at BHS in Surrey Quays while chain...

Trading to continue ‘as usual’ at BHS in Surrey Quays while chain enters administration

Trading will continue “as usual” after retail giant BHS filed for administration on Monday prompting fears for 11,000 jobs across 164 stores nationwide, writes Alex Yeates…

Responding to fears that there will be job losses at the Surrey Quays Shopping Centre outlet, administrators Duff and Phelps said they did not have “regional breakdowns or further information on specific stores”.

A Duff and Phelps spokesperson said: “The Group has been undergoing restructuring and, as has been widely reported, the shareholders have been in negotiations to find a buyer for the business.

“These negotiations have been unsuccessful. In addition property sales have not materialised as expected in both number and value.

“Consequently, as a result of a lower than expected cash balance, the Group is very unlikely to meet all contractual payments.

“The Directors therefore have no alternative but to put the Group into administration to protect it for all creditors.

“The Group will continue to trade as usual whilst the administrators seek to sell it as a going concern.”

BHS was sold by retail magnate Sir Philip Green last year for £1 with £1.3bn of debt after buying it for £200m in 2000.


Most Popular

Recent Comments