©Bloomberg
Sir Philip Green
The crisis at British Home Stores barely registers on the countrys high streets. Many years have passed since the shopping public thronged the department-store chains aisles and tills. But how it plays out still matters a great deal to the companys 20,000 pensioners, as well as its former owner, the retail tycoon Sir Philip Green.
Sir Philips disposal of BHS a year ago may be among his smallest transactions ever. But the £1 deal allowed him to separate his Arcadia group from a business with profound problems. It has, after all, taken just 12 months for the new private owners to throw up their hands and put BHS into a form of insolvency proceedings. This leaves behind a pension fund which had a deficit of some £…
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