New BHS owners consider sale of 52 stores

Fri, 20 Mar 2015 | BUSINESS SALE

The new owners of BHS are considering the closure, sale or downsizing of 52 stores across the nation, sources suggest.

The department store chain was sold to Retail Acquisitions last week in a deal for £1 from Sir Philip Green. The new owners have since enlisted property agents Jackson Criss and Charles Palmer Property to consider the options for nearly a third of the department store's 171 stores, including a sale or closure, according to Property Week.

The list, which includes high profile stores in Manchester, Birmingham and Leeds, is a collection of sites that are under-performing and attracting interest from other retailers.

A spokesman for Retail Acquisitions said: “As with any new owner, Retail Acquisitions, together with BHS management, is looking at options for the property portfolio and its structure.

“Property consultants have been appointed, but this does not mean that any leases that may be under review will be sold, and certainly does not mean that store closure is the only option. Options could also include sub-letting underutilised space or renegotiating payment terms.”

Retail Acquisitions confirmed that the closure of stores in Oxford and Fosse Park would go ahead in the next few months as per a decision reached before they acquired BHS.

Additionally, the property agents told Property Week that they were only seeking new buyers for sites in Birmingham, Cambridge, Gloucester, Lakeside Thurrock and Meadowhall in Sheffield.
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