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Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 12.21
by Whataday
Just confirmed they will enter administration.
Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 12.25
by Martin Phillp
Duff and Phelps are BHS's administrators. All stores will trade as normal for now.
Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 12.31
by Martin Phillp
Statement from BHS.
Philip Duffy and Benjamin Wiles, managing directors at Duff & Phelps have today been appointed Joint Administrators of BHS. The group has been undergoing restructuring and, as has been widely reported, the shareholders have been in negotiations to find a buyer for the business. These negotiations have been unsuccessful. In addition property sales have not materialised as expected in both number and value. Consequently, as a result of a lower than expected cash balance, the Group is very unlikely to meet all contractual payments. The Directors therefore have no alternative but to put the Group into administration to protect it for all creditors. The Group will continue to trade as usual whilst the Administrators seek to sell it as a going concern. Further announcements will be made as appropriate in due course."
Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 16.17
by Lazenia
Martin Phillp wrote:Duff and Phelps are BHS's administrators. All stores will trade as normal for now.
Said on the news that there were interested parties so who knows, hopefully something can be saved from it.
Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 17.21
by scottishtv
I know we all thought BHS was always going to fail sooner or later (in fact, surprised it wasn't sooner), but this whole arrangement stinks:
BHS paid more than £25m to owner in 13 months before administration
What a way to go, and to think Philip Green was worried about his reputation being tarnished?! What reputation? He must've known these guys were bad news.
Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 20.35
by Dr Lobster*
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 remember back in the old days, bhs was pretty much like john lewis, good quality, unique, interesting things. the last time i went into one it was a cross between woolworths and t j hughes (both now gone)... it was tat and crap.
shame really, but unfortunately for the sort of stuff they sell there are much cheaper places to get it.
Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 20.37
by Martin Phillp
I read earlier that Retail Acquisitions were paid £25m from BHS before the company went bust. There are apparently 30 interested parties in the BHS business. However it could be asset stripping, such as stores or other parts of the business. I wouldn't be surprised if Sports Direct finally get some of the stores they were interested in without the crippling pension fund.
Gift vouchers are being accepted for 50% of their total value.
Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 20.47
by Finn
Dr Lobster* wrote:t j hughes (both now gone)
TJ Hughes actually reopened their store in Stretford, Manchester last year*. Not sure if it was actually the same company, mind.
*It's still as crap.
Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 21.36
by Martin Phillp
Neil DG wrote:Dr Lobster* wrote:t j hughes (both now gone)
TJ Hughes actually reopened their store in Stretford, Manchester last year*. Not sure if it was actually the same company, mind.
*It's still as crap.
T J Hughes is currently owned by the company which bought six original shops and is slowly expanding the business.
Re: High Street chain collapse sweepstake
Posted: Mon 25 Apr, 2016 21.43
by Philip
It's sad what's happened, especially regarding the pensions. But they haven't really tried to compete for a long time, my local store seems stuck in the 90s. There are some shops, as noted on this forum previously, that still have exterior signage dating back to the 80s… stuff that looks seriously dated and must have at least some impact on how people view the store, subconsciously or not.
Re: High Street chain collapse sweepstake
Posted: Tue 26 Apr, 2016 03.57
by jonathan
Martin Phillp wrote:I read earlier that Retail Acquisitions were paid £25m from BHS before the company went bust. There are apparently 30 interested parties in the BHS business. However it could be asset stripping, such as stores or other parts of the business. I wouldn't be surprised if Sports Direct finally get some of the stores they were interested in without the crippling pension fund.
Gift vouchers are being accepted for 50% of their total value.
Not trading as normal then as they say they are.