Gifts Today magazine

BHS collapses into administration

British department store BHS collapses into administration but stores will be kept open as a buyer is sought

British shopping institution and high street retail giant British Home Stores (BHS) has filed for administration, according to the Financial Times, putting 11,000 jobs at risk.

Administrators Duff & Phelps have been called in after rescue talks with Sports Direct and other retailers failed last night, according to the report

The 88-year-old British shopping institution will continue to trade as usual, as the administrators attempt to sell the business as a 'going concern'. 

Owner Dominic Chappell said in a letter to staff on Sunday that the directors of the company would call in administrators on Monday morning after being “unable to secure a funder or a trade sale”.

Mr Chappell, who bought BHS for £1 last year from entrepreneur Sir Philip Green, wrote to staff that, “We have been assured your wages, etc, will be covered this month” by administrators.

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