BHS to shut down as last ditch attempt to find a buyer fails
Despite a guerrilla campaign and numerous reports of interested parties a buyer has failed to emerge and BHS will now begin to shut down.
The embattled retailer was put into administration in April when a bidding process began. In an effort to woo buyers, marketing boss Tony Holdway led a guerrilla marketing campaign to show that BHS was a loved brand of the high street.
100ft tall images were beamed on to London landmarks last month, projecting an image of the union flag bearing the slogan #SaveBHS.
"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,” said Philip Duffy, managing director of Duff & Phelps, the administrator.
"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.”
All 163 BHS stores will now close with the loss of an estimated 11,000 jobs.
A parliamentary investigation into the events surrounding BHS’s demise, including a £571m pension blackhole, is underway. A spotlight is being shone on former owner and Arcadia Group boss Sir Philip Green, who sold BHS to investors for £1 in 2015.