Thousands of jobs on the line as UK store struggles

  • 25/04/2016
A BHS store in the UK (Getty)
A BHS store in the UK (Getty)

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 has told Reuters.

Administration would endanger nearly 8000 jobs at the company and another 3000 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.