The administrators looking after British Home Stores have announced the orderly wind down of the BHS business.
Philip Duffy and Benjamin Wiles, managing directors of Duff & Phelps, said: “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 the working capital required to secure the future of the company.
“Our thoughts today are with the employees. We thank them for their professionalism and hard work. We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales.”
As a result of the wind down all 163 stores will be in close down sale mode over the coming weeks and whilst continuing efforts will be made by the administrators to sell stores the jobs of 8,000 members of staff are likely to go.
A further 3,000 jobs of non-BHS employees who work in the stores may also be at risk.
Philip Duffy added: “The British high street is changing and in these turbulent times for retailers, BHS has fallen as another victim of the seismic shifts we are seeing.
“The tireless work and goodwill of the existing management team and employees of BHS with the support of my team were not enough to change the fortunes of the company.”