BHS chief executive Darren Topp has reacted angrily to industry speculation today that the retailer faced imminent administration.

There had been fears that BHS might reach crisis point today.

However Topp told Retail Week: “We haven’t filed for administration. BHS is not in administration.”

It is understood that urgent efforts continue to try and revive the retailer.

The speculation came just weeks after BHS had a vital Company Voluntary Arrangement (CVA) voted through and secured £55m by selling the lease on its Oxford Street store.

Last month 95% of BHS’s creditors voted through its CVA proposal.

The crucial vote meant that BHS, which has been loss-making for seven years, would pay landlords a reduced rent of 75% or 50% on 47 of its stores and 25% rent on 40 of its stores. 

Topp, told Retail Week following the vote: “The hard work starts now.”

“It’s not a time for celebration, but it’s a time to be pleased.” 

In addition to the CVA, BHS revealed plans to cut 370 jobs across its headquarters and stores in a bid to tackle its issues. It also pledged to invest in improving its online business and significantly reduce promotional activity in its efforts to transform the ailing business.

If BHS hits the buffers, it would bring to an end its 88-year reign on the high street

BHS was sold by Sir Philip Green to Retail Acquisitions for £1 in March 2015.

Topics