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BHS expected to continue trading through the summer

27 June 2016 - Janet Bird

bhs open for summer 2016

BHS is now expected to limp on through the summer in a bid to sell as much stock as possible and maximise returns for creditors.

A liquidation date has not yet been set for the stricken chain, following failed attempts to find a suitable buyer for the business.

Meanwhile, former owner Sir Philip Green is apparently to offer jobs to 1,000 staff currently employed at Arcadia concessions, such as Dorothy Perkins and Wallis, in BHS stores.

The news came a day after MPs involved in a parliamentary inquiry into how BHS came to collapse wrote an open letter to Lady Tina Green requesting details of companies registered in her name overseas, an explanation of how Sir Philip's involvement in their operation, and a list of shareholders.

A week earlier, Sir Philip had appeared before MPs to answer questions about his handling of BHS and its sale to former bankrupt Dominic Chappell's Retail Acquisitions Consortium. During the hearing, he apologised to BHS staff and promised to "sort" the firm's pension scheme, which has a £571 million black hole.

As the investigation into BHS' collapse continues, a leading figure from Goldman Sachs, Michael Sherwood, is expected to appear before MPs this week to explain the nature and extent of the advice offered by the bank to Sir Philip on the proposed sale.


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