Beleaguered department store BHS goes into administration
{{#rendered}} {{/rendered}}The headquarters of British Home Stores in Marylebone Road, London, Monday April 25, 2016. The troubled British department store chain BHS has called in administrators after failing to secure a rescue package, putting 11,000 jobs are at risk. A fixture on Britain's high streets, the firm has suffered from a chronic lack of investment recently. It has debts of more than 1.3 billion pounds ($1.8 billion), including a pension fund deficit of 571 million pounds. (Lauren Hurley/PA via AP) UNITED KINGDOM OUT (The Associated Press)
The troubled British department store chain BHS has called in administrators after failing to secure a rescue package, putting 11,000 jobs are at risk.
A fixture on Britain's high streets, the firm has suffered from a chronic lack of investment recently. It has debts of more than 1.3 billion pounds ($1.8 billion), including a pension fund deficit of 571 million pounds.
Some 164 stories are threatened with closure in the biggest retail failure since Woolworths collapsed in 2008,
{{#rendered}} {{/rendered}}Retail magnate Philip Green bought the chain for 200 million pounds in 2000, but sold it last year for just a pound after failing to turn it around.
Administrators Duff & Phelps said in a statement Monday that the group will "continue to trade as usual" while a deal is sought.