No buyers found for UK retailer BHS, thousands of jobs to go

AP News
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Posted: Jun 02, 2016 10:22 AM

LONDON (AP) — As many as 11,000 people in Britain are set to lose their jobs after administrators failed to find a buyer for troubled retailer BHS.

Administrator Duff & Phelps say last ditch rescue bids failed to raise enough working capital to secure a deal and that BHS' 163 shops will close and be sold off to other retailers.

Duff & Phelps says 8,000 permanent employees are likely to lose their jobs, together with 3,000 others not directly employed by BHS.

Philip Duffy, managing director of Duff & Phelps, says that these are turbulent times for retailers and that "BHS has fallen as another victim of the seismic shifts we are seeing."

BHS went into administration in April, leaving behind a 571 million pound ($825 million) pension black hole.