BHS To Go Into ´Wind Down´

"Despite the considerable efforts of the administrators and BHS senior management, it has not been possible to agree a sale of the business," said the administrators in a statement this afternoon. "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."

All 163 stores on high streets around the country will be holding closing-down sales in the coming weeks, according to reports.

"Our thoughts today are with the employees. We thank them for their professionalism and hard work," concluded the statement. "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."

Speculation first started to surround the troubled retailer last year when former owner and Arcadia boss Sir Philip Green offloaded the chain for £1, starting rumours that administration could be the next move if the recovery plan was unsuccessful.