British retailer BHS could file for insolvency tomorrow, 25 April, putting thousands of British jobs are on the line. The company employs 11,000 people and operates 164 stores in the UK.
Despite ongoing talks with Sports Direct to buy some BHS sites, reports suggest that any buyer would only consider a purchase if it did not have to assume responsibility for the chain’s £571m ($822m) pension deficit. A source close to BHS said that a last-ditch rescue from Sports Direct is looking unlikely, according to a Telegraph report, while BBC sources said: “things don’t look good”.
BHS has reported trading losses for seven years, totalling £415m. The company was handed a lifeline last month after creditors accepted reduced rent for around half o…
Read the full article at: http://www.ibtimes.co.uk/bhs-facing-insolvency-fears-grow-11000-jobs-british-chain-store-1556484