The future of high street retailer BHS continues to hang in the balance as administrators work hard to find a solution.
Philip Duffy and Benjamin Wiles were appointed as joint administrators on Monday (April 25), following the announcement that the high street giant filed for administration , and they claim there has been interest in a potential buyout.
Meanwhile, since the devastating news hit up to 11,000 staff nationwide, including west London stores in Uxbridge, Harrow and West Ealing, the business has continued trading and shoppers have been piling into stores to use their vouchers and gift cards before 'doomsday'.
Former racing driver and businessman, Dominic Chappell, BHS owner, said ‘no-one is to blame’ for the collapse.
Take a look at the numbers as BHS went into administration
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Administrators confirmed there has been ‘expressions of interest’ and the workforce will continue to be paid.
Mr Duffy of Duff & Phelps said: “Over the last few days we have been working hard to stabilise the business and are pleased to have received a number of expressions of interest. We continue to seek a sale as a going concern.
“We appreciate the hard work of staff that have ensured that stores have continued to trade as normal.
“Staff have been paid over the course of yesterday and today and we want to reassure them that they will continue to be so whilst the Group remains in administration, as a priority payment.”
An investigation is also underway into the retailer’s pension scheme.
The fall of the department store is seen as the biggest collapse of a high street name since Woolworths went bust in 2008.
Look back at some of the other household names which have folded, in some cases rescued wholly or partially, since the recession.
The 88-year-old business has built up an empire of 164 shops employing some 11,000 staff with a flagship store in the heart of the capital in Oxford Street.
The department store first opened it doors to shoppers in Brixton in 1928 and went from selling clothing to household items.
Billionaire retail boss Philip Green sold the company for £1 to Retail Acquisitions in March last year.