Not quite. You just have to spend the same amount in cash.Martin Phillp wrote:Gift vouchers are being accepted for 50% of their total value.
http://www.bbc.co.uk/news/business-36134165BHS has posted a note at tills saying it will accept gift vouchers purchased in the last two years, but only for 50% of the value of the purchase.
So if a customer has a £10 voucher, they must buy at least £20 worth of items to use it.
The chain was certainly in decline prior to Green purchasing it, but between then and him selling the chain was starved of investment and thus went from having potential to being a total basket case. Green's family made millions if not billions out of a failing business while the ground level staff were essentially being robbed of their future employment and pensions. It's sickening.Dr Lobster* wrote:i think there is more to the collapse than asset stripping and bad management - bhs seriously lost it's way a long time ago.
And too little, too late too.WillPS wrote:The chain was certainly in decline prior to Green purchasing it, but between then and him selling the chain was starved of investment and thus went from having potential to being a total basket case. Green's family made millions if not billions out of a failing business while the ground level staff were essentially being robbed of their future employment and pensions. It's sickening.Dr Lobster* wrote:i think there is more to the collapse than asset stripping and bad management - bhs seriously lost it's way a long time ago.
BHS has been a victim of bad mismanagement for about 30-40 years.WillPS wrote:The chain was certainly in decline prior to Green purchasing it, but between then and him selling the chain was starved of investment and thus went from having potential to being a total basket case. Green's family made millions if not billions out of a failing business while the ground level staff were essentially being robbed of their future employment and pensions. It's sickening.Dr Lobster* wrote:i think there is more to the collapse than asset stripping and bad management - bhs seriously lost it's way a long time ago.
That may be, but Green purchased a business making operating profits with a pension surplus, extracted cash and valuable assets then left it as hopeless loss making entity with a crippling pension deficit (almost equal, coincidentally, to the money he had extracted through dividends from that business).Whataday wrote:BHS has been a victim of bad mismanagement for about 30-40 years.WillPS wrote:The chain was certainly in decline prior to Green purchasing it, but between then and him selling the chain was starved of investment and thus went from having potential to being a total basket case. Green's family made millions if not billions out of a failing business while the ground level staff were essentially being robbed of their future employment and pensions. It's sickening.Dr Lobster* wrote:i think there is more to the collapse than asset stripping and bad management - bhs seriously lost it's way a long time ago.
I must admit I haven't looked into this in too much detail, but surely Green made money from Arcadia as a whole, rather than BHS directly?
BHS was integrated into Arcadia in 2009.WillPS wrote:No, BHS was never included in the Arcadia group - probably because Green's plan was not to hold on to the business but sell it on (at the time he bought it there was interest from other groups, and about 10 years ago he tried to flog them to ASDA and Debenhams without success).
