14 September 2015 - Janet Bird
Ailing department store chain BHS has announced a rebrand and a major programme of store refurbishment.
The chain, which was purchased by the Retail Acquisitions group from former owner Sir Philip Green for just £1 six months ago, has secured a loan of about £60 million from Grovepoint Credit. Coupled with existing cash reserves, the loan brings the amount of working capital Retail Acquisitions has to undertake what it has described as a three year turnaround plan to around £85 million.
Central to the planned programme of refurbishment will be a rebrand from BHS to British Home Stores. Store frontages will also be changed and the interiors modernised. It is understood that at least 20 of BHS' 170 stores will begin to sell food by the end of this year.