BHS to shut up shop after new rescue plan fails

BHS Yarmouth

BHS Yarmouth - Credit: Archant

Around 25 jobs at Great Yarmouth’s BHS are under threat after administrators failed to find a buyer for the retailer.

The business will be wound down and all BHS’s 163 shops will close and be sold off to other retailers. Administrator Duff & Phelps said that 8,000 permanent jobs are likely to be lost and another 3,000 not directly employed by BHS are also at risk.

The news comes after last-ditch rescue bids from former Mothercare boss Greg Tufnell and Mike Ashley’s Sports Direct failed.

Duff & Phelps said: “Although multiple offers were received, none were able to complete a deal due to the working capital required to secure the future of the company.”