The UK department store BHS is to be placed into liquidation after no viable buyer was found. 163 BHS shops will close in the next few weeks with 11,000 jobs expected to be lost.
Anna Soubry, the Minister for Small Business, Industry and Enterprise said:
“Today’s announcement that the administrators have been unable to find a buyer for the business will be devastating news for all those who work at BHS and those in the supply chain. The government stands ready to support workers to find new jobs as quickly as possible.
The Business Secretary has already announced an accelerated Insolvency Service investigation into the activity of former BHS directors. Any issues of misconduct will be taken extremely seriously”.