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Last BHS stores to close for final time after 88 years Last BHS stores to close for final time after 88 years
(about 1 hour later)
The last BHS stores are set to close their doors for the final time, ending an 88-year presence on the High Street.The last BHS stores are set to close their doors for the final time, ending an 88-year presence on the High Street.
The closure of the final 22 shops dotted around the UK comes after the retailer was placed into administration in March but failed to find a buyer.The closure of the final 22 shops dotted around the UK comes after the retailer was placed into administration in March but failed to find a buyer.
Previous owners Dominic Chappell and Sir Philip Green have been criticised for mismanaging the chain and failing to protect the company pension scheme.Previous owners Dominic Chappell and Sir Philip Green have been criticised for mismanaging the chain and failing to protect the company pension scheme.
Administrators have already made 141 store closures over recent weeks.Administrators have already made 141 store closures over recent weeks.
These included its flagship store on Oxford Street in London's West End.These included its flagship store on Oxford Street in London's West End.
Pensions blackhole
British Homes Stores, a name that was a fixture on most UK High Streets, will then disappear nearly a century after first opening in Brixton, south London.British Homes Stores, a name that was a fixture on most UK High Streets, will then disappear nearly a century after first opening in Brixton, south London.
A history of a High Street stalwart
Years of under-investment and failing to react effectively to intense competition led to the slow demise of BHS over the past two decades.Years of under-investment and failing to react effectively to intense competition led to the slow demise of BHS over the past two decades.
Its most recent owners have also been blamed following an investigation by a joint committee of MPs last month.Its most recent owners have also been blamed following an investigation by a joint committee of MPs last month.
They described billionaire retailer Sir Philip Green, who owned BHS from 2000 to 2015, as the "unacceptable face of capitalism".They described billionaire retailer Sir Philip Green, who owned BHS from 2000 to 2015, as the "unacceptable face of capitalism".
Sir Philip, who has promised to sort out a £600m pensions blackhole at BHS, could also be stripped of his knighthood.Sir Philip, who has promised to sort out a £600m pensions blackhole at BHS, could also be stripped of his knighthood.
If talks between Sir Philip and the pensions regulator fail, then the 11,000 BHS staff who have lost their jobs will get a smaller pension than expected.If talks between Sir Philip and the pensions regulator fail, then the 11,000 BHS staff who have lost their jobs will get a smaller pension than expected.
Analysis
By Simon Jack, business editor
In one way the story of BHS is not unique. It is an everyday tale of commerce - healthy businesses thrive, sickly ones perish, the High Street evolves - that's life.
In many others it is not. It is also the story of two controversial owners.
Sir Philip Green bought BHS for £200m in 2000 and in the early years it made profits. All of these profits were taken out, quite legally, in dividends in the years up to 2004.
BHS then limped along for another decade through a recession, being kept alive by loans from the rest of Sir Philip Green's empire until it was sold last year for just £1.
The troubled world of BHS
The last 22 stores to close are:The last 22 stores to close are: