Efforts to find a buyer for BHS have failed, forcing the retailer into "an orderly wind down", reports the BBC. All 163 stores will be closed over the next few weeks, accompanied by the the loss of some 11,000 jobs.
Administrator Duff & Phelps blamed the collapse on "seismic shifts" in the sector, stating: "Despite the considerable efforts of the administrators and BHS senior management, it has not been possible to agree a sale of the business.
"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."
The retailer, which entered administration in April following a CVA, reportedly has debts of more than £1.3b, including a pension fund deficit of £571m. Hilco Retail Services has been appointed to help wind down the store network.
BHS' failure is the biggest high street collapse since Woolworths' in 2008.
Hannah Maundrell, editor in chief at www.money.co.uk, comments: “It’s devastating that the final curtain has come down on BHS after 88 years on the high street, and saddening that no-one was prepared to save the ailing retail giant at the final hour."
