Belfast Telegraph

New owners of BHS may axe up to a third of its shops

By John-Paul Ford Rojas

The new owners of store chain BHS are "exploring options" including closures for the future of around a third of its 171 sites.

It comes less than a week after retail tycoon Sir Philip Green announced the sale of the loss-making business to a consortium of little-known investors called Retail Acquisitions for a nominal sum reported to be as little as £1.

BHS stressed that options for the future of the stores may include sub-letting under-used space or renegotiating payment terms as well as the possibility of closure.

It issued a statement seeking to downplay a report in Property Week that said leases on 52 sites, including one in London's Oxford Street, were being primed for sale, netting around £30m for Retail Acquisitions.

A spokesman said: "As with any new owner, Retail Acquisitions, together with BHS management, is looking at options for the property portfolio and its structure. Property consultants have been appointed."

Belfast Telegraph