Department store BHS is to 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.
In the end, none of the offers was judged acceptable by administrators Duff & Phelps.
Three firms – Alteri, Hilco and Gordon Brothers – have been lined up as liquidators.
Duff & Phelps blamed “seismic shifts” in the retail environment for the collapse.
“Despite the considerable efforts of the administrators and BHS senior management, it has not been possible to agree a sale of the business,” said the administrators in a statement.
“Although multiple offers were received, none were able to complete a deal due to the working capital required to secure the future of the company.
“Our thoughts today are with the employees. We thank them for their professionalism and hard work. We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales.”
All 163 BHS stores will be holding closing sales over the coming weeks.
The jobs of 8,000 members of staff are likely to go, while a further 3,000 jobs of non-BHS employees who work in the stores may also be at risk.
“The British High Street is changing and in these turbulent times for retailers, BHS has fallen as another victim of the seismic shifts we are seeing,” said Philip Duffy, managing director of Duff & Phelps and joint administrator.
“The tireless work and goodwill of the existing management team and employees of BHS with the support of my team were not enough to change the fortunes of the company.”
Source:: BBC UK