British Home Stores: Latest News & Videos, Photos about British Home Stores Page 1

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• Philip Green's pensions settlement is only the beginning of the road for thousands of loyal BHS workers
• British Home Stores
• Ex-BHS owner Dominic Chappell fined more than £100,000 for breaking pensions law
• Funny British Slang Mug, Innit. Coffee Mug, A Great British Accent Gift For Friends, Family And Loved Ones

The rescue bid for BHS has failed putting the... Browse 822 british home stores stock photos and images available, or start a new search to explore more stock photos and images. The department store expanded from Brixton, London, to become a nationwide chain.

In addition, BHS began to sell larger electrical items through a separate website, bhsdirect.co.uk. The service was run through a third-party company, Buy it Direct, and was not directly controlled by BHS. This allowed the company to expand its product range to laptops, tablets, large kitchen appliances such as fridge-freezers, TVs and air-conditioners. In 2005, BHS resurrected its British Home Stores fascia, more than 20 years after it had disappeared from the UK high street. The move followed the purchase of several former Allders at Home sites from the department store chain. These projects were designed to build upon the success of the homewares and lighting that BHS stores currently offered and to tap into new areas of business such as furniture, curtains, rugs, and wall art.

Philip Green's pensions settlement is only the beginning of the road for thousands of loyal BHS workers

Further stores opened in Uzbekistan and Kazakhstan in 1998, and there were stores in Saudi Arabia, Kuwait, Dubai, Oman, Qatar, Bahrain and Abu Dhabi. By 2000 the chain also had stores in Greece, Tenerife, Gibraltar, Malta and the Far East. In 2013, a franchised concession opened in the Falkland Islands and a store was opened in Ulaanbaatar, Mongolia. On 12 March 2015, it was announced that BHS had been sold to Retail Acquisitions for a nominal price of £1.

On 23 July 2016, the administrators Duff and Phelps shut 20 stores, and the next week another 30. Closure of the final outlets was on 28 August 2016. The insolvent part of the company finally went into liquidation on 2 December 2016, with the remainder of winding up proceedings commencing on that date.

British Home Stores

It became part of Sir Philip Green's Arcadia Group in 2009 but was sold in 2015 for a nominal £1 fee. But in the BHS CVA submission, company directors indicated they were hopeful the two pension schemes would be transferred into the PPF, leaving the firm without further funding liabilities. The company's turnaround plan called for the rents at 77 stores to remain unchanged, while for another 47 stores the company was "seeking a reduction in rent to market levels." BHS had previously said this effort would be vital to turn around the business. But news that the company is filing for administration shows those attempts have failed. The retailer's debts top £1.3bn and include a pensions deficit of £571m.

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Ex-BHS owner Dominic Chappell fined more than £100,000 for breaking pensions law

Zuma restaurant, which he cofounded in 2002 with chef Rainer Becker, now has 12 venues, from New York to Abu Dhabi. While their company Azumi owns iconic brands such as Zuma, Roka and Oblix, he also has people eating out of his hands at Coya, Le Petite Maison and the members-only The Arts Club. Finally, encouraging ‘whistle-blowing’ in an organisation will create an organisation with a transparent work culture, which in turn will act as a fraud and risk deterrent. Putting laws in place to protect these individuals and to ensure that they feel as though they are able to come forward without any repercussions is also essential in order to encourage a transparent work culture and ‘whistle-blowing’. To critically appraise the corporate Governance Issues that led to the collapse of BHS and their future implications. Shoppers outside British Home Stores in 2016, days before it prepared to close all its shops after the business collapsed.

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White & Green British Home Stores Country Vine Cereal Bowl Dessert Bowl 1980s

Duff & Phelps were appointed administrators and sought to sell the business as a going concern. It at this point had debts of £1.3 billion including £571 million in pension liabilities, meaning either individual assets would have to be sold or the chain would be in new ownership. UK sports chain Sports Direct was reported to be in talks to buy a number of BHS stores, but no buyer was found for the company, resulting in the closure of BHS stores. Head office staff were made redundant on the announcement that no buyer had been found, with stores expected to last up to 8 weeks selling the remaining stock.

Hartman et al. identifies that the right organisational structure and culture in an organisation will make it harder for someone to behave unethically. Sir Philip Green behaved unethically on several counts throughout his reign at BHS, along with Dominic Chappell. Both of these individuals unethically withdrew money from BHS. Sir Philip Green paid out £423 million in dividends most of which went to him and his family and Dominic Chappell withdrew £1.5 million from company funds in BHS’s dying days.

You just need to follow a couple of simple steps. If you need any kind of academic writing assistance, we are here to help you. There had been valid reasons for signing off BHS’s accounts as a “going concern” before Chappell bought the retailer, he told a hearing in May 2016. The BHS Aberdeen store first opened on Union Street in 1974 and has won various awards, including the Superintendent Trophy for best store in 1976 along with the company’s top food store trophy in May 1983. As recently as late March, BHS warned it needed extra funding to continue trading and was trying to raise £100m. BHS recently maintained it would continue to meet its payment obligations for roughly 20,000 pension holders, and any new buyer of the company would be required to take on this significant deficit.

Over the span of just a few months, the holding company endured two takeover threats and the October 1987 stock market crash. Top Bhs executive Denis Cassidy resigned in frustration. From 1987 to 1989, group pretax profits dropped from £130 million to £11.3 million, and in 1988, Storehouse's board of directors asked Conran to step aside and accept a titular chairmanship. In 1995, BHS was the first high street retailer to open a branch in Moscow. The £3 million venture was the largest in the international portfolio and was quickly followed by the opening of a second store in St Petersburg.

This aim of this essay is to assess the corporate governance issues and internal control weaknesses of BHS, whilst owned by Sir Phillip Green until March 2015 when he sold it to Dominic Chappell, a thrice bankruptee, for £1. By April 2016, just 13 months after the questionable sale to Dominic Chappell , BHS had collapsed in administration which left 11,000 employees facing redundancy. At the time of the collapse, BHS had a £571 black hole in two of its pension schemes leaving 20,000 of its pensioners facing lower benefits. Poor corporate governance and internal control weaknesses were at the heart of the demise of BHS which will be discussed throughout this essay. On 24 April 2016, Dominic Chappell announced that administrators would be appointed the next day. It was announced that the chain had entered administration on 25 April 2016, putting 11,000 jobs at risk.

In 2010, BHS changed its logo, resurrecting the uppercase form of the abbreviation that had not been used since the Storehouse rebrand and the later rebrand in the 1990s. A new e-commerce website was launched, and a new store design was gradually introduced across the estate. Corporate Governance needs to keep up with the rapid speed of change in the business environment and needs to evolve so that it can respond to threats and opportunities. By creating, a diverse board of members with high level of expertise is necessary so that the right skills are available across the board to identify these threats and opportunities. In addition, the board should have regular meeting to ensure that their strategy is keeping up with the new trends of the business environment and responding accordingly. (Ey.com, 2017) In addition, the board of directors must ensure they are considering wider stakeholders and consistently acting in their best interest, not their own.