BHS file for administration

[Gamston 10]

Sound like asset strippers bought it. Four directors took an £8m loan from the company shortly after 'buying' it. Now it's going into administration. There should be a law against that sort of business practice.

The former owner, Philip Green might find himself in hot water just as he has bought his new yacht.

[Tim1 10]

The former owner, Philip Green might find himself in hot water just as he has bought his new yacht.

 

I hope it sinks

[Gamston 10]

I hope it sinks

 

like the sinking ship, he sold for £1.00

[tzijlstra 11]

Sound like asset strippers bought it. Four directors took an £8m loan from the company shortly after 'buying' it. Now it's going into administration. There should be a law against that sort of business practice.

 

Agreed, there are a lot of issues with insolvency laws in the UK.

[Michaeldyn 10]

Same thing happen at Rover Cars.

 

Surely 11000 staff and all the suppliers sub contractors etc etc. There will be 15,000 jobs at risk, its better for government to save it , rather then let those people go on dole. It will cost us more in long run

Edited April 24, 2016 by Michaeldyn

[1295galaxy 20]

Looks like anothe town centre shop will be closed soon as BHS is going into administration, and with Primark on the Moor soon they will be struggling to carry on, hope someone does either save them or move into the BHS shop

[haddy 10]

Such a shame another big company gone

[Cyclone 10]

Sound like asset strippers bought it. Four directors took an £8m loan from the company shortly after 'buying' it. Now it's going into administration. There should be a law against that sort of business practice.

 

That loan will need to be repaid though, going into administration doesn't write off any creditors.

 

---------- Post added 25-04-2016 at 08:25 ----------

 

Same thing happen at Rover Cars.

 

Surely 11000 staff and all the suppliers sub contractors etc etc. There will be 15,000 jobs at risk, its better for government to save it , rather then let those people go on dole. It will cost us more in long run

 

It doesn't work out cheaper in the long run if it just continues to require government support.

[andyofborg 11]

That loan will need to be repaid though, going into administration doesn't write off any creditors.

 

by juggling things around the money ended up being owed by the company, if (when according to bbc news) it goes into administration the loan along with other debts will at best only be repaid at a few pence per pound and the rest will be written off.

[Fudbeer 12]

Looks like anothe town centre shop will be closed soon as BHS is going into administration, and with Primark on the Moor soon they will be struggling to carry on, hope someone does either save them or move into the BHS shop

 

And there lies the problem people prefer to shop at cheap stores like Primark.

[iansheff 86]

Just been reading todays Mirror about this seeing if there were any updates. In the article it also said: Suit chain Austin Reed could also go under this week with 1,000 job losses after filing a notice of intention to appoint administrators.

 

http://www.mirror.co.uk/news/business/bhs-boss-sends-letter-11000-7827153

 

http://www.mirror.co.uk/news/business/historic-british-firm-austin-reed-7826896

Edited April 25, 2016 by iansheff

[JFKvsNixon 11]

Just been reading todays Mirror about this seeing if there were any updates. In the article it also said: Suit chain Austin Reed could also go under this week with 1,000 job losses after filing a notice of intention to appoint administrators.

 

What'll be happening is that the quarterly rents are due, so companies with cash flow problems are struggling to pay their rents.