British department stores group BHS is to be wound down after administrators failed to find a buyer for the 88-year-old chain.
Jawad Business Group has had a ‘strong and successful partnership’ with BHS in Bahrain since the 1980s with stores now at City Centre Bahrain, Seef Mall and The Centre Nuwaidrat and the company says it will be releasing a statement about the latest development and its future plans for the outlets shortly.
All of BHSs 163 UK stores will hold closing-down sales over coming weeks and 8,000 staff are likely to be laid off, advisers Duff & Phelps said. Another 3,000 British workers not
directly employed by BHS are also at risk.
Retail analysts suggest the chain, which once targeted a similar midmarket customer as bigger rival Mark & Spencer, failed to keep pace with changes including the rise of cheaper, more fashionable stores and online competition.
