BHS To Go Into Administration

BHS To Go Into Administration

EDIT 26/04/16: A BHS spokesperson has confirmed that the company will go into administration today. There is a press statement due at 11.30am from BHS and the administrators, and a letter has been sent to all 11,000 staff after last minute attempts to save the company failed. More to follow...

If you have any BHS* gift cards lying around, I'd use them sooner rather than later as there's reports springing up everywhere today that they could file for administration as early as tomorrow.

The BBC reports a source close to the owners said "things don't look good"

BHS have been accused of falling behind the times in recent years, not changing in an ever evolving market, while everyone else around them has.

Sir Philip Green famously sold BHS to Retail Acquisitions for £1 last year (after buying it for £200m in 2000) and things haven't changed for the better. They currently have a £571m pension deficit which is likely to be a concern for any potential buyers.

So we'll have to watch this space and see what happens tomorrow. Reports say as many as 11,000 jobs could be at risk and that's never good to hear.

Meanwhile if you or any of your friends have any BHS gift cards lying around, make sure you spend them asap!

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