Shipyard job fears on the Clydepublished at 16:00 British Summer Time 25 April 2016
BBC industry correspondent John Moylan tweets:
Summary
BHS retailer files for administration
Almost 11,000 jobs under threat
Retailer's 164 UK stores will continue to trade
Pensions Regulator to investigate
Collapse is the biggest retail failure since the fall of Woolworths in 2009
Shipyard job fears on the Clydepublished at 16:00 British Summer Time 25 April 2016
Saudi Arabia does not see oil prices falling below $30published at 15:43 British Summer Time 25 April 2016
Image source, ReutersSaudi Arabia does not see oil prices falling below $30 a barrel again due to improvement in global demand for crude, Deputy Crown Prince Mohammed bin Salman said on Monday as he outlined a sweeping economic reform plan, known as Vision 2030.
"We can achieve this vision even if oil is lower than $30. We think it is almost impossible to go under $30 because of global demand," Prince Mohammed told a news conference. "The plan can deal with any price, $30, $28, $70... but the plan was made with $30 in mind."
US new home sales fall in Marchpublished at 15:31 British Summer Time 25 April 2016
US new home sales in March slipped 1.5%, the third straight monthly fall, according to Commerce Department figures. The rate has steadily dropped from 521,000 in January to 511,000 in March. Sales rose in the US midwest and south, but tumbled in the west and were unchanged in the northeast.
Wall Street in the red ahead of a busy news weekpublished at 15:08 British Summer Time 25 April 2016
US stocks opened mostly lower as investors awaited what will be a busy week that will include latest results from Apple, Boeing, ExxonMobil and news from the the Fed's latest policy meeting.
In early trading the Dow Jones was down 73.79 points, or 0.41%, at 17,929.96, the S&P 500 was down 6.78 points, or 0.32%, at 2,084.8 and the Nasdaq was 5.66 points lower, or 0.12%, at 4,900.57.
All the 10 major S&P sectors were down, with the energy index 0.51% lower.
Pension scheme at heart of BHS woespublished at 15:02 British Summer Time 25 April 2016
The BHS pension scheme will have to be rescued as the retailer enters administration - so what does this mean for those involved?
Read MoreBHS: Sir Philip Green 'oversaw period of decline'published at 14:22 British Summer Time 25 April 2016
BBC business editor Simon Jack writes:
Image source, Getty Images"The role of Sir Philip Green in all this is not over. He, remember, oversaw the period of its decline.
"According to retail analysts Conlumino, when he bought it, BHS attracted some 13% of all clothing shoppers through its doors, helping BHS attain a 2.3% share of the clothing market.
"Last year just 8.2% of clothing shoppers went through the doors which translated into just a 1.4% share."
Read Simon's blog in full.
Pensions Regulator confirms BHS investigationpublished at 13:58 British Summer Time 25 April 2016
Regulator issues statement:
Quote MessageWe can confirm that we are undertaking an investigation into the BHS pensions scheme to determine whether it would be appropriate to use our anti-avoidance powers. Such cases are complex.There is a clear process that must be followed and this can sometimes take a considerable amount of time.
Quote MessageWe are unable to provide a running commentary on case investigations, or confirm the targets of our investigation. When it becomes appropriate to do so we will consider issuing a report of our activities in this case. Reports on our case activities, which are published under Section 89 of the Pensions Act 2004, are available to view on our website."
Could more than 11,000 jobs be at risk at BHS?published at 13:34 British Summer Time 25 April 2016
The fact that BHS has gone into administration puts at least 11,000 jobs at risk but these are direct roles. There are also suppliers to consider and one of those suppliers Compass UK, which provides BHS with catering and cleaning service and employs over 1,500 people over 171 sites has released this statement:
Quote MessageThis is a difficult time for all our colleagues connected to our catering and cleaning contracts with BHS. Looking after our people at this time is our priority and we are contacting them all to establish what support we can provide.
Compass UK
Head office staff hear the newspublished at 13:18
Image source, Getty ImagesA line of staff filed into BHS's headquarters in Marylebone Road, central London, shortly before 11am. They emerged around 20 minutes later, with several people holding their heads in their hands, and walked into an adjacent office building belonging to the firm.
One worker later said they had been spoken to about the situation, but added that she could not elaborate on what they were told.
Thirty 'expressions of interest'?published at 13:09
Image source, Getty ImagesThe administrators of BHS are claiming that there have been 30 expressions of interest from potential buyers of the business.
However, Julie Palmer, a partner at insolvency firm Begbies Traynor, warns: "As an under-performing brand that simply hasn't kept up with the pace of change in the retail sector and requires major investment, it looks increasingly unlikely that any buyer will be brave enough to salvage the business in anything like its current form."
Soubry to make Commons statementpublished at 12:58
Business minister Anna Soubry is expected to make an urgent statement to MPs in the House of Commons on the collapse of BHS, the BBC understands.
Sir Phillip Green in the firing linepublished at 12:51
Financial Times employment correspondent Sarah O'Connor tweets:
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on TwitterThe BBC is not responsible for the content of external sites.Skip twitter postThe BBC is not responsible for the content of external sites.Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
End of twitter postBHS shop assistant: 'I am devastated'published at 12:42 British Summer Time 25 April 2016
High Street retailer BHS is to file for administration on Monday, threatening almost 11,000 jobs. One BHS shop assistant, who has worked at the store for around 30 years, told journalists she was ''devastated'' at the news.
The blame gamepublished at 12:27
Watch BHS boss Darren Topp speaking at a Retail Week conference last month:
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on TwitterThe BBC is not responsible for the content of external sites.Skip twitter postThe BBC is not responsible for the content of external sites.Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
End of twitter postConfirmed: BHS files for administrationpublished at 12:15
BreakingBHS has filed for administration it has been confirmed. The department store has released the following statement:
Quote MessagePhilip Duffy and Benjamin Wiles, managing directors at Duff & Phelps have today been appointed Joint Administrators of BHS. The group has been undergoing restructuring and, as has been widely reported, the shareholders have been in negotiations to find a buyer for the business. These negotiations have been unsuccessful. In addition property sales have not materialised as expected in both number and value. Consequently, as a result of a lower than expected cash balance, the Group is very unlikely to meet all contractual payments. The Directors therefore have no alternative but to put the Group into administration to protect it for all creditors. The Group will continue to trade as usual whilst the Administrators seek to sell it as a going concern. Further announcements will be made as appropriate in due course."
Passing the buck?published at 12:07
The Guardian's Graham Ruddick tweets:
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on TwitterThe BBC is not responsible for the content of external sites.Skip twitter postThe BBC is not responsible for the content of external sites.Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
End of twitter postWhat next?published at 11:58
Image source, LPPWhat next for BHS? Richard Perks, director of retail research at Mintel, has this to say, external:
"The most likely outcome is that the chain will be broken up and sold store by store. Some of the best sites have already gone – notably the Oxford Street store, which has been taken by Poland's LPP as a flagship for its Reserved chain to enter the UK. That is the positive side of the failure of BHS. It removes a long term underperformer from the high street and replaces it with a new, more dynamic business.
"One has to feel sorry for the 11,000 staff who look likely to lose their jobs, but the UK high streets will be a net beneficiary of the disappearance of the BHS because it opens the way for new, better performing stores. If so, then retail employment overall could benefit, but that will not be much consolation to the BHS staff in the immediate future."
Pensions painpublished at 11:46
Personal finance reporter Kevin Peachey tweets:
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on TwitterThe BBC is not responsible for the content of external sites.Skip twitter postThe BBC is not responsible for the content of external sites.Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
End of twitter post'Worrying news'published at 11:37
Business Secretary Sajid Javid tweets:
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on TwitterThe BBC is not responsible for the content of external sites.Skip twitter postThe BBC is not responsible for the content of external sites.Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
End of twitter post'Reinvent or die'published at 11:31
Image source, EPABusiness Live reader Peter Burke emails:
Will someone please deal with the vacuous commentators who talk about the inevitability of BHS' demise. The same flawed wisdom was spouted when Woolworths collapsed - and yet Wilko was, and is, thriving in almost exactly the same space that Woolworths traded in.
All retailers need to reinvent or die. Whether they do that successfully is down to the quality of management. Woolworths was dealt a poor hand when spun off from Kingfisher, and also had pretty clueless senior management towards the end. I don't know about the management at BHS, but you can't reinvent a business which is being asset-stripped since investment and asset-stripping never go hand-in-hand.