BHS To Be Wound Down As Rescue Attempt Fails - BBC News

[6Foot2]

Link: BHS to be wound down as rescue attempt fails - BBC News

 

Department store BHS will go into liquidation with the loss of up to 11,000 jobs after efforts to find a buyer failed.

 

The decision followed a lengthy bidding process aimed at saving BHS, which went into administration in April.

 

But none of the offers was judged acceptable by administrators Duff & Phelps, which blamed "seismic shifts" in the retail sector for the collapse.

 

All 163 BHS stores will be holding closing sales over the coming weeks...

[Nixon77]

Sad day for the workers, but the stores were bad, bad quality, cheap, when it was not cheap, old decor, a real mess.

 

Personally Sir Philip should be left alone.

[Andrew_C]

Personally Sir Philip should be left alone.

 

You are joking? Right?

 

This is the man who has raped the BHS pension scheme. Who even the Torygraph are kicking. Many millions transferred to Monaco to avoid paying the taxes that run this country.

 

http://www.telegraph.co.uk/business/2016/04/26/how-much-has-sir-philip-green-made-from-bhs/

 

Personally, Philip Green should go straight to jail, not pass go, and certainly not collect £200.

[Nixon77]

With respect, you are talking rubbish. How can you send a man to jail for not doing anything illegal. We don't do mob justice in this country.

 

Should Green Green perhaps sort out these pensions?, of course, but he is not required to do so, and it's unlikely he will.

 

The laws should be adjusted to prevent it happening again in the future. But business is business, BHS had be fighting a losing battle for years, even before he took over.

[LeMarchand]

You are joking? Right?

 

This is the man who has raped the BHS pension scheme. Who even the Torygraph are kicking. Many millions transferred to Monaco to avoid paying the taxes that run this country.

 

How much has Sir Philip Green made from BHS?

 

Personally, Philip Green should go straight to jail, not pass go, and certainly not collect £200.

 

...and people chastised me for suggesting that you don't get to be ultra-rich by playing straight.

 

With respect, you are talking rubbish. How can you send a man to jail for not doing anything illegal. We don't do mob justice in this country.

 

Should Green Green perhaps sort out these pensions?, of course, but he is not required to do so, and it's unlikely he will.

 

The laws should be adjusted to prevent it happening again in the future. But business is business, BHS had be fighting a losing battle for years, even before he took over.

 

Unfortunately the chances of the laws changing are low as the people who make the laws are in cahoots with those making the money.

[Nixon77]

Green Green apparently blocked a rescue deal. Oh dear.

[Arthur]

Green Green apparently blocked a rescue deal. Oh dear.

A BHS owned by Mike Ashley would have been terrible for employees. BHS shutting down is the best outcome IMO. The business just isn't worth saving.

 

www.bbc.co.uk/news/business-36476860

 

During his questioning, Mr Chappell said Sir Philip could have done more to help save BHS, rather than tip it into administration.

 

Arcadia was a major secured creditor, and it was Sir Philip who took the decision to call in administrators Duff & Phelps, Mr Chappell said.

 

Mr Chappell claimed that just before BHS went into administration he had arranged a rescue deal backed by the billionaire owner of Sports Direct, Mike Ashley.

 

On learning of this deal, "Philip went absolutely crazy, screaming and shouting down the phone that he didn't want to get involved with Mike Ashley," Mr Chappell said, adding that it was then that Sir Philip called in a £35m loan.

 

www.mirror.co.uk/news/uk-news/mike-ashley-admits-sports-direct-8131691

 

In a payment system Mr Turner said he had "never seen before", workers are given their wages on a pre-paid debit card.

 

The cards are subject to a £10 charge for use, and a 75p charge for using ATM machines.

[LeMarchand]

www.bbc.co.uk/news/business-36476860

 

The BHS pension scheme, fully funded a decade ago, now has a £571m pension deficit and negotiations over plugging these liabilities formed a key part talks to rescue the retailer.

 

How did this get so bad? Why aren't there safeguards in place to prevent this happening? Have we learned nothing from the Mirror Group fiasco?

[Andrew_C]

In a payment system Mr Turner said he had "never seen before", workers are given their wages on a pre-paid debit card.

 

The cards are subject to a £10 charge for use, and a 75p charge for using ATM machines.

 

Surely, that sort of thing was outlawed in the Truck/Tommy Note Act?

[jinnantonnixx]

This is just a series of disasters.

 

Former BHS owner Dominic Chappell denies threatening to kill CEO ? as it happened | Business | The Guardian

[jinnantonnixx]

Like other economic titans, Green depends on the largesse of the British state. Because he paid his workers wages they could not possibly live on, the taxpayer had to shell out an estimated £367m in tax credits to top up their pay packets. He relies on the state’s education system. Not for himself – this privately educated son of a property developer is no self-made man – but for his workforce, from managers to shopfloor assistants. He needs publicly provided infrastructure. An expensive law-and-order system protects his property.

 

But though Green will take, he is less happy to give. His businesses are registered under his wife’s name in the tax haven of Monaco, ensuring the millions of pounds he extracted from BHS were kept well away from Britain’s exchequer. “Envy and jealousy are two incurable diseases,” was his retort. Paying tax is for the little people, after all; and if they resent the rich elite draining public resources without properly contributing while services are slashed away, then envy must be to blame.

 

The appalling Philip Green is just part of the system. That?s the real scandal | Owen Jones | Opinion | The Guardian

[Simcfc73]

Hope someone loosened the handrail on his yacht and he has a mishap. I keep thinking about The Dark Knights Rises and how that justice court would fix these people.

[Andrew_C]

Hope someone loosened the handrail on his yacht and he has a mishap.

AFTER he's been forced to sort out the pension black-hole.

[6Foot2]

Link: BHS Store Closures: Final 22 Branches To Shut on UK High Streets By Sunday | LBC

[6Foot2]

Sir Philip Green has a blue plaque outside BHS Swansea:

 

 

Link: https://twitter.com/johnnygoodeb/status/790177232484532224/photo/1