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BHS readies the closure of its flagship Oxford Street store following collapse

BHS

BHS is set to close its flagship store on Oxford Street today as the stricken chain steps up it departure from the high street after 88 years.

With 105 stores already closed since administrators Duff & Phelps and FRP Advisory stepped in, the retailers remain stores are due to shut on 20 August.

The decline of the department store chain has affected 11,000 jobs and has caused a £571m deficit in BHS's pension schemes which is understood to have affected around 22,000 pensions.

Sir Philip Green, chairman of Arcadia Group, which owns a number of high street chains including Topshop and Dorothy Perkins, has been held largely responsible for the collapse of BHS following his decision to sell the company to former bankrupt Dominic Chappell for £1 in 2015.

Attempts to find another buyer for BHS fell apart in early June, six weeks after the retailer collapsed into administration, sparking a parliamentary enquiry into its actions of its former owners.

Green has subsequently been severely criticised by MP's over the chains demise, including abour MP Frank Field who accused him of jeopardising the retirement savings of thousands of pensioners.

Following the parliamentary enquiry Green hit back at the MP leading the inquiry into the collapse of the high street chain, and accused him of turning it into a "kangaroo court".

Earlier this week law firm Jones Day was drafted in to scrutinise the conduct of the former BHS directors in the period leading up the high street chain's collapse.

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