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Shutters to come down on BHS's flagship store in Oxford Street

Published 12/08/2016

The BHS store in Oxford Street in London's West End
The BHS store in Oxford Street in London's West End

BHS's flagship Oxford Street store will close on Saturday, with the doomed retailer set to disappear from the high street entirely by next weekend.

The central London outlet is among 58 branches shutting down over the next eight days as administrators bring to an end to 88 years of British retail history.

Duff & Phelps and FRP Advisory have already overseen 105 closures over the past weeks, with the last of BHS's total 163 stores scheduled to close on August 20.

The department store's collapse in April has affected 11,000 jobs, 22,000 pensions, sparked a lengthy parliamentary inquiry and left its high-profile former owners potentially facing a criminal investigation.

Retail billionaire Sir Philip Green has borne the brunt of the public fallout, having been branded the "the unacceptable face of capitalism" by furious MPs.

Sir Philip owned BHS for 15 years before selling it to serial bankrupt Dominic Chappell for £1 in 2015. Sir Philip has come under fire for taking more than £400 million in dividends from the chain, leaving it with a £571 million pension deficit and for selling it to a man with no retail experience.

Veteran Labour MP Frank Field has asked the Serious Fraud Office (SFO) to launch a formal investigation into the pair to ascertain if any criminal wrongdoing occurred during the sale of the chain and throughout their respective ownerships.

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