Struggling retailer BHS has filed for administration, with the group trading as usual until a buyer is found.
Administrators Duff & Phelps says it is "very unlikely" the group "will be able to meet all contractual payments".
The Group has been undergoing restructuring and, as has been widely reported, the shareholders have been in negotiations to find a buyer for the business. These negotiations have been unsuccessful. In addition property sales have not materialised as expected in both number and value.
Consequently, as a result of a lower than expected cash balance, the Group is very unlikely to meet all contractual payments. The Directors therefore have no alternative but to put the Group into administration to protect it for all creditors. The Group will continue to trade as usual whilst the Administrators seek to sell it as a going concern.
Further announcements will be made as appropriate in due course.
No one is to blame for the imminent collapse of BHS, owner Dominic Chappell has insisted.
No one is to blame. It was a combination of bad trading and not being able to raise enough money from the property portfolio. In the end, we just couldn't reach an agreement with Arcadia over pensions.
The beleaguered high street chain will file for administration today, threatening almost 11,000 jobs.
As BHS calls in administrators, this is what happened to five other retail giants that were forced to do the same in the past few years.Read the full story ›
BHS has gone into administration, the retailer has confirmed, with employees being told about the process later this morning.
ITV News Business Producer Joanna Partridge tweeted:
British Home Stores is a familiar face on the high street known for its affordable clothes and homeware.Read the full story ›
The future of retailer BHS looks uncertain today amid reports the company is set to announce that it is set to "call in administrators tomorrow'.
According to workers the company has not told employees of plans and they "haven't heard anything from upstairs", and the shop workers union USDAW said it is "seeking urgent clarification from the company" as around 11,000 jobs potentially hang in the balance.
ITV News Correspondent Martha Fairlie reports:
BHS has "struggled" to keep up with an ever changing consumer market and the new demands of customers, a retail analyst has told ITV News tonight.
Speaking as the company looks set to set to call in administrators tomorrow, analyst Connor Campbell said the business had been hit by the demands of an increasingly youth-led market and the trend for online shopping.
It's struggled to sufficiently update it's produce to match the increasingly youth-orientated nature of the high street - the high watermarks being ironically the Philip Green owned Topshop and obviously the perpetually cheap Primark.
You've also got the increase in online shopping, customers moving away from the bricks and mortar nature of the experience to relying on online and you know on their phones. BHS hasn't managed to increase its online presence in that way and has given ground to the likes of ASOS and Boohoo.
BHS is set to call in administrators tomorrow, ITV News understands - putting around 11,000 jobs at risk.Read the full story ›
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