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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 |
(35 minutes 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 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 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. |
'Sadness' | 'Sadness' |
British Homes Stores, a name that was a fixture on most UK High Streets, will 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 disappear nearly a century after first opening in Brixton, south London. |
Simon Prager, who worked for BHS for 16 years and has helped to oversee the closure of Bristol's Cribbs Causeway branch, said: "I don't think even a year ago anyone would have thought it would come to this... | Simon Prager, who worked for BHS for 16 years and has helped to oversee the closure of Bristol's Cribbs Causeway branch, said: "I don't think even a year ago anyone would have thought it would come to this... |
"I think there probably was anger at some point in the last three months. But I think everyone's well beyond that. And I think it is now just sadness that it's come to this." | "I think there probably was anger at some point in the last three months. But I think everyone's well beyond that. And I think it is now just sadness that it's come to this." |
A history of a High Street stalwart | 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 | Analysis |
By Simon Jack, business editor | 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 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. | 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. | 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. | 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 troubled world of BHS |
The last 22 stores to close are: | The last 22 stores to close are: |
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