Creditors back bid to save ailing BHS shops
Embattled retailer BHS - which has four stores in Northern Ireland - has been thrown a lifeline after creditors backed controversial plans to turn around the business.
The department store chain said creditors voted in favour of its Company Voluntary Arrangement (CVA) for BHS Limited, which aims to revive the ailing business by cutting costs and preventing widespread closures.
The company said the decision to back the CVA for BHS Limited, which represents 125 stores, will ensure the continuation of the group.
In a statement it said: "The success of the CVA of BHS Limited will enable the business to continue the group-wide updated turnaround plan and safeguard the future of BHS, protecting thousands of UK jobs."
BHS operates four shops in Northern Ireland. That includes a large site in the heart of Belfast city centre, along with three others in Newtownabbey, Holywood and Lisburn.
The fashion and homeware retailer said more than 95% of BHS creditors, including landlords, voted in favour of the CVA surpassing the 75% needed to secure the plan.
However, the company still has to wait to discover the outcome of a second CVA vote today on BHS Properties Limited, which oversees 23 BHS shops.