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UK retailer BHS to go into administration

UK retailer BHS to go into administration – source with knowledge of plans
British department stores group BHS is expected to go into administration, possibly as early as Monday, a source with knowledge of the company’s plans told Reuters on Sunday.

Administration would endanger nearly 8,000 jobs at the company and another 3,000 contractors working with the 88-year-old firm, which has 164 stores, and has been hit hard by intense competition in the retail sector.

In March, the group had won support from its creditors for a rescue plan to try to allow the retailer to stay in business thanks to big cuts in its rent bill.

The chain was bought in March 2015 by buyout firm Retail Acquisitions, a collection of little known investors.

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