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.