07:02PM, Monday 25 April 2016
Jobs at BHS in Slough could be at risk after it was announced today the company has gone into administration.
Financial company Duff &Phelps was appointed as administrator of the shop chain that has stores across the country including one in Slough High Street.
A statement from Duff and Phelps said: “[BHS] 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.”
It went on to say that the directors ‘have no alternative’ but to put BHS into administration.
While the administrators try to sell it, BHS will continue to ‘trade as usual’. Anna Soubry, minister for small business, industry and enterprise, is due to make a statement about BHS at about 5pm.
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