High Street chain collapse sweepstake

scottishtv
Posts: 646
Joined: Thu 01 Apr, 2004 15.36
Location: Edinburgh, Scotland

Seems The Telegraph agrees:
Allister Heath of [url=http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11468743/TSB-and-BHS-the-strange-world-of-MandA-just-got-stranger.html]The Telegraph[/url] wrote: The other big transaction was Sir Philip Green’s sale of BHS. We knew that this was on the cards – but the deal is one of the most unorthodox that I have ever seen.

The buyer is a vehicle called Retail Acquisitions, set up in November last year and previously called Swiss Rock Ventures; its directors are led by Keith Smith, a retired City small-cap broker, and include a lawyer to celebrities and other individuals unknown to the world of retail or to the City. It is believed that two wealthy individuals are backing the business; they may be better known, but they have chosen to remain anonymous.

Sir Philip is rightly proud of what he has achieved with his retail businesses, and he undoubtedly chose the buyer of BHS carefully. The company is being sold with a cash pile and with no debts, though it suffers from a relatively large pension deficit. It is believed to have changed hands for a nominal sum.

But the retail market is tougher than ever and it is an open question whether it will be possible for the new owners to save and rejuvenate BHS. They need to find a new chairman, and fast, and to replace the current managing director, who is moving to Tesco. For the sake of the staff, let us hope they succeed. If they do so, they will have managed to pull off a transformation that eluded even Sir Philip, one of the greatest British retailers of the past 20 years. It’s a pretty huge gamble.
Also, having not been in one for years, I didn't realise that some BHS stores do food - including fresh meats, wine and in-store bakery?! Getting into groceries seems to be a weird decision right now.
barcode
Posts: 1473
Joined: Wed 29 Aug, 2007 19.36

Which store does that? I have't seen Edinburgh, Glasgow nor Dundee to this, which are the biggest etc. BHS does have a nice cafe, in all three ( Livingston used to have it before the stupid management at the O centre never renewal the lease and give it to Costa instead.

Mind you the Glasgow Cafe is huge but never busy, but you do get a good cheap breakfast, while its lunch menu is decent.
Martin Phillp
Posts: 1054
Joined: Wed 11 May, 2011 01.28

I've never seen a M&S type grocery store in BHS down here. Still the tired looking 90s decor, which is why it's make or break for the company.
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nwtv2003
Posts: 699
Joined: Tue 20 Jan, 2004 22.20
Location: Granadaland

barcode wrote:Which store does that?
Warrington Golden Square does, I think it's only that one and one other store I believe. They seem to be promoting their food offers at the front with the foodhall at the back, and if I'm honest with you it's still a very quiet store, nowhere busy as it used to be, I don't think Food will turn it around.

They were talking about the sale on Sky News Sunrise this morning and a good point was raised. If Sir Philip Green couldn't turn it around, then who can? Don't get me wrong I wouldn't want to see BHS go under, but it appears it's been on the down slide for some time now. Considering there are more of those 'TopShop/TopMan/Burton/Dorothy Perkins' all in one type shops that keep appearing.
steve
scottishtv
Posts: 646
Joined: Thu 01 Apr, 2004 15.36
Location: Edinburgh, Scotland

The chat about food was from an article I read saying after a trial in three stores, it was being rolled out to 50-80. Now there's new ownership, these plans may never happen.

Even a simple Google search of BHS showed me there are three in Edinburgh. I knew about the main one on Princes Street, but only recalled the other two after a bit of head-scratching. The whole chain seems to have been a bit unloved and 'under the radar' for a while.

Some are speculating the new owners may only be interested in the prime property portfolio, esp given their apparent lack of retail experience. Green says he believes it was "an honest deal" so you could probably expect a pinch or two of salt then.
woah
Posts: 351
Joined: Sun 28 Mar, 2010 12.39
Location: Sheffield

A list appears to have been leaked of underperforming BHS stores being that are being considered for sale or closure, apparently because of interest from other retailers - see here.

There's quite a lot of big stores on that list. What surprises me (at least from a local perspective) is that the Sheffield Meadowhall store is on the potential cut list, but is a modern and large store that seems busy enough whenever I see it (though that doesn't mean money-making of course) and yet the neglected and run down store in Sheffield City Centre, that seems quieter to me and is one of few stores in the city centre that is closed on Sundays, isn't on the list.

To me, that would make sense if this list was only of underperforming stores that have actually had interest from other buyers as suggested, but not if this is a list of underperforming stores in general.
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dosxuk
Posts: 613
Joined: Thu 07 Feb, 2008 21.37
Location: Sheffield

woah wrote:What surprises me (at least from a local perspective) is that the Sheffield Meadowhall store is on the potential cut list
There's a BHS in Meadowhall? Where? :?
woah
Posts: 351
Joined: Sun 28 Mar, 2010 12.39
Location: Sheffield

dosxuk wrote:
woah wrote:What surprises me (at least from a local perspective) is that the Sheffield Meadowhall store is on the potential cut list
There's a BHS in Meadowhall? Where? :?
I can't tell if you're making a point that nobody notices it or goes there, or whether you genuinely didn't know there was one there :lol:

Just in case, it's next to H&M and New Look on the ground floor, along the route that leads to the entrances of Next and Primark.
james2001
Posts: 569
Joined: Sat 04 Jun, 2005 23.10

It's in what used to be the entrance to the Sainsbury's Savacentre.

Co-incidentally, BHS used to be joint partners in SavaCentre as well, but they pulled out the year before the one in Meadowhall opened.
Martin Phillp
Posts: 1054
Joined: Wed 11 May, 2011 01.28

james2001 wrote:It's in what used to be the entrance to the Sainsbury's Savacentre.

Co-incidentally, BHS used to be joint partners in SavaCentre as well, but they pulled out the year before the one in Meadowhall opened.
Did BHS supply clothes to the Savacentre stores?
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thegeek
Posts: 635
Joined: Sat 04 Jun, 2005 12.35

I wonder if there's any correlation between the stores on that list and the age of the logo on the sign?

My local store isn't on the list, but still has the all-blue 1980s logo:
Image

Whereas Wood Green (due to close) still has the version with the coloured 'h'. When I lived nearby, it appeared the store's only customers were the Hasidic Jew population of Stamford HIll. I wonder where they'll have to go for their modest clothing now?
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