BHS Filing for administration

Outcast said:
Ballache ?

I'll prove what Ballache really is...

Go choose a pair shoes you like... Now choose a "backup choice" just in case..

Now go buy them in
size FIVE

Welcome to reality.

Now you know why I don't traipse around Bricks & Mortar stores getting insulted, paying for parking, returning to find my car doors dinged etc !!
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are you a child?
 
Jono said:
And the taxpayer will have to pick up the bill for the £500m+ pension deficit?
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If it ever came to that I would have no problem with a proportion of my taxes going towards this (TBH no idea if this is the way it will go*(*......The Abyss answered it).

I have the upmost sympathy for any employee or employee's family caught up in this. I know its simply capitalism at work, survival of the fittest etc, but a lot of families out there will be making some serious decisions over this week on how they are going to be able to pay their bills going forward etc.

Best of luck to each and every one of them.
 
Tefal said:
are you a child?
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As I said, "Insults"

No I am not a child. I just celebrated (suffered actually - food poisoning) my 55th birthday, have 3 grown daughters (youngest being 19) have paid off my 25 year mortgage - the long way and drive a 44 tonne truck for a living.

Does that qualify me for being a man, especially considering the saying "You're not a man until you've fathered a daughter" ?
 
£500m pension debt?

So going into admin will mean that the tax payer forks out £500m. If they allowed so much pension debt to accumulate no wonder they are going bust. What clowns run these businesses.
 
Semple said:
Did i hear rumour that Mike Ashley was going to buy up a load of the shops and turn them into Sports Direct. Not sure anyone who will want to willingly work for him though.
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there were about 2000 full time shop staff who were quite happy to get an average of £70k each from sports direct thanks to the company share scheme
 
Outcast said:
As I said, "Insults"

No I am not a child. I just celebrated (suffered actually - food poisoning) my 55th birthday, have 3 grown daughters (youngest being 19) have paid off my 25 year mortgage - the long way and drive a 44 tonne truck for a living.

Does that qualify me for being a man, especially considering the saying "You're not a man until you've fathered a daughter" ?
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pics of daughters?
 
The_Abyss said:
I feel for the employees but not for BHS as an entity or a brand. There's simply not enough need for it any longer in its current form.
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this really, it sucks for the employees in the short term - but in the grand scheme of things uncompetitive companies are supposed to fail
 
The top brass will still walk away shrugging the shoulders with their huge salaries and bonuses and no doubt walk into another top executive job.

While the shop floor staff on minimum wage struggle to find a new job.
 
bliss said:
There already is in Stoke. Think the building vacancy rate surpassed 50% some time in the last 2 years. Silly thing is, a lot of the building owners continue to put their prices up. They'd rather have the buildings sit empty rather than have someone use it and pay less.
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Tell me about it! It's that bad in Stoke that even the local fencing operation Cash Converters is closing down.
 
Looks like Austin Reed could be filing for administration too.

That would suck because the company I work for are in an office that has Austin reed as the landlord for the property.
 
Seems legit.

http://www.theguardian.com/business...chappell-moved-funds-out-of-troubled-retailer

Dominic Chappell, the owner of BHS, moved £1.5m from the retailer into an obscure corporate vehicle last week as its financial problems worsened.

BHS sources said Chappell transferred the funds to an entity called BHS Sweden, which is not connected to the company, following a board meeting on 18 April, which concluded that BHS needed to find emergency funding or would have to call in administrators.

The BHS management are understood to have asked him to return the cash to the business when they discovered what had happened last Wednesday. Chappell then paid back all but £50,000, telling the management that this represented the cost of transferring the money into Swedish krona and back again.

BHS Sweden is not registered at Companies House or listed as a subsidiary of the retail chain. Sources close to the company said it is controlled by Lennart Henningson, a member of the Retail Acquisitions consortium – 90% owned and led by Chappell – that bought BHS for £1 last year.

When contacted by the Guardian, Chappell said the funds had “remained in the group” and were for “professional fees” . The transaction had taken place after discussions at board level and was “all justifiable”, he added.

The development raises further questions about how BHS has been managed by its owners. The retailer called in administrators on Monday, putting almost 11,000 jobs at risk.

Details of the financial manoeuvrings at BHS came as it emerged on Tuesday that the billionaire former BHS owner Sir Philip Green, who sold the company to Retail Acquisitions, will be asked to appear in front of a group of cross-party MPs. He is likely to be questioned about the downfall of the retailer and the impact it might have on the Pension Protection Fund (PPF), which will now have to take over the BHS pension liabilities.
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