BREAKING NEWS: Two Northampton BHS stores set to close after rescue bid collapse

Two Northampton BHS stores are now certain to close in the coming weeks after a rescue deal to save the retailer fell through.

Thursday, 2nd June 2016, 3:58 pm
Updated Thursday, 2nd June 2016, 5:02 pm

The long running British retailer slipped into administration in April following years of declining sales.

It had been hoped a buyout deal could be struck, but the administrators Duff & Phelps has now judged those offers to be unacceptable.

It means the outlet in Abington Street, which has just opened a food store, and the homeware store in St James Retail Park, will hold closing down sales in the coming weeks to get rid of stock.

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A statement from Duff & Phelps reads: “Despite the considerable efforts of the administrators and BHS senior management, it has not been possible to agree a sale of the business.

“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.

“Our thoughts today are with the employees. We thank them for their professionalism and hard work. We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales.”

The announcement means all 163 BHS stores will now close across the UK - meaning 8,000 jobs are likely to go. A further 3,000 staff not directly employed by BHS are also at risk.