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BHS threatens to close 40 stores BHS threatens to close 40 stores
(35 minutes later)
Department store chain BHS says 40 of its 165 stores may close unless landlords "reduce the rents substantially" on half its stores.Department store chain BHS says 40 of its 165 stores may close unless landlords "reduce the rents substantially" on half its stores.
The company said it was cutting costs by reorganising its head office and management. Just six months ago it told the BBC it had "identified" 20 locations where it would like to have a store.
Loss-making BHS was sold for a £1 a year ago by Top Shop owner Sir Philip Green to Retail Acquisition although the deal was more complicated than the sum may imply. Loss-making BHS was sold last year for a £1 by Top Shop boss Sir Philip Green, although the deal was more complicated than the sum may imply.
The stores will remain open for now. The buyers were Retail Acquisition, a low-profile group of investors.
It believes it is paying well over market rates for around a quarter of its stores.It believes it is paying well over market rates for around a quarter of its stores.
BHS says if rents are not reduced it will seek protection from its creditors through a Company Voluntary Arrangement (CVA) that protects a business from its creditors - if 75% agree - and gives the company time to turn itself around.BHS says if rents are not reduced it will seek protection from its creditors through a Company Voluntary Arrangement (CVA) that protects a business from its creditors - if 75% agree - and gives the company time to turn itself around.
The stores will remain open for now.
'Milestone'
The stores facing closure have not been identified and the company says they will stay open until the end of the year while negotiations are underway.The stores facing closure have not been identified and the company says they will stay open until the end of the year while negotiations are underway.
"It is hoped that the store closure number will be kept to a minimum," it said in a statement."It is hoped that the store closure number will be kept to a minimum," it said in a statement.
Chief executive Darren Topp said the move was necessary for the turnaround plan.Chief executive Darren Topp said the move was necessary for the turnaround plan.
"The CVA proposal that we have announced today is a necessary milestone in resetting British Home Stores to ensure its long term future as an iconic British retail brand.""The CVA proposal that we have announced today is a necessary milestone in resetting British Home Stores to ensure its long term future as an iconic British retail brand."