Hopes for BHS rescue fade as administrators prepare to shut 20 stores | Business | The Guardian

Up to 580 staff will be affected by the closures, most of whom are likely to be made redundant, but it is understood that administrators are hoping to redeploy some employees.

 

The shops are being closed as MPs prepare to write a report on the demise of the retailer, which is likely to criticise heavily its former owners Sir Philip Green and .

 

Green has set out a robust defence of his stewardship of BHS in a letter to MPs, claiming that he invested £421m into the group during his 15 years at the helm. It is clear that we invested substantially in the business,” he said.

 

The amount of capital investment highlighted by Green during his tenure almost exactly matches the £423m paid in dividends to his family and other BHS shareholders between 2000 and 2004. It is part of the more than £580m, including rental payments and interest, extracted from the company throughout Green’s time in charge.

 

Stores including Slough, Stirling, Truro, Preston, Stratford-upon-Avon and Yeovil – all leased properties – will shut on 23 July. Stock levels have been running low at the stores since BHS collapsed into administration in April.

 

 

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