Table of Content
- Mae LED Floor Lamp, Chrome
- Quixy CEO's love for numismatics goes back to his childhood, coin collection includes some British India era gems
- Shamed ex-BHS boss Philip Green threatens Labour MP with legal action over claims of 'dynamite' leaked documents
- Return to British Home Stores
- Shamed tycoon Sir Philip Green sees his profits fall by £122MILLION in just one year in the wake of BHS collapse
On 27 February 2009, it was announced that the company would be integrated into the Arcadia Group. Central support functions were merged and selected BHS stores housed selected Arcadia brands; for example, in July 2009, BHS stores in Solihull in the West Midlands and Bexleyheath in South London both opened Evans and Wallis concessions. In August 2009, the Canterbury branch opened Wallis and Evans concessions within the store. Other stores with Arcadia insertions included Tunbridge Wells, Oxford, Peterborough, Watford, Kilmarnock, Nottingham, Camberley, Norwich and Aberdeen.
BHS was previously a constituent of the FTSE 100 Index, but was bought by Sir Philip Green in 2000 and taken private. The company became part of Green's Arcadia Group in 2009. Following a number of loss-making years, the company was sold to the consortium Retail Acquisitions Ltd led by the serial bankrupt Dominic Chappell, in March 2015 for the nominal price of £1. Branch of the British Home Stores department store chain on the ground floor of the former Derry & Toms building on Kensington High Street, on its... Members of the public walk past a BHS store in Sauchiehall Street on June 2, 2016 in Glasgow, Scotland.
Mae LED Floor Lamp, Chrome
Plans were also being made to reduce the size of the flagship Oxford Street branch by leasing excess space to other retailers. In September 2015, BHS owners Retail Acquisitions announced another rebrand, as part of a £60m rejuvenation plan, which resulted in the full British Home Stores name being resurrected on the high street for the first time since 1986. A programme of modernising stores with the new branding was announced, while plans to roll out food halls were to continue.
During the interwar period, the company developed several lines of own-label merchandise, including "Twinkle" brand infantswear, "Travair" luggage, and "Request" foods. In the case of BHS, the effects on their collapse rippled through society and the impacts on society were damaging. When BHS collapsed 11,000 employees lost their jobs along with further jobs lost among their suppliers who relied on BHS for income, unpaid creditors only received 3p to the £1. As well as this, the £571 million black hole in the pension fund left 20,000 pensioners facing lower benefits, which would be paid out by the government.
Quixy CEO's love for numismatics goes back to his childhood, coin collection includes some British India era gems
In May 2005, Green, owner of BHS, purchased Etam UK from its French owner, Etam Développement. The Etam UK brands included Etam, Amelie May, and Tammy. The girls' fashion retailer Tammy was the strongest brand in terms of sales and consumer recognition. For this reason, and to help improve girls' perception of BHS as a whole, from September 2005 stand-alone stores were closed and the brand integrated into BHS stores. British Home Stores, like many other major retailers, followed a trend of opening stores at out-of-town locations since the 1980s.
To briefly discuss forensic accounting opportunities which could have been performed at the time of the collapse of BHS. As consumers, we often take for granted all the hard work that goes into building a great company. We see them around but we don't know what goes on behind the scenes. Finally, we can read about how these great companies came about with Company Histories.. PwC stepped down as BHS’s auditor after its sale by Sir Philip Green, the Topshop magnate, to former bankrupt Dominic Chappell in 2015.
Shamed ex-BHS boss Philip Green threatens Labour MP with legal action over claims of 'dynamite' leaked documents
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.
Up to 11,000 BHS workers now face an anxious wait amid fears the high street chain is poised to go into administration. BHS had also been in talks to address its £571m pension deficits with the Pension Protection Fund , the government-supported rescue agency, as well as the Pensions Regulator and the BHS pension trustees. BHS has operated an international franchise business for more than 30 years. Its current partners operate stores in more than a dozen countries across Europe, the Middle East and Central Asia.
In Sept 2004, the Committee of Sponsoring Organisations introduced a framework, which would provide a benchmark for organisations to improve their risk management processes. Developed from existing COSO internal control framework, it demonstrates how internal control is an integral part of risk management. The company expanded in the 1970s and 1980s, including the opening of stores in the newly developing wave of indoor shopping centres . A joint venture was launched with supermarket retailer Sainsbury's to create hypermarkets using the SavaCentre brand. Sainsbury's took full control of SavaCentre in 1989, and later converted the stores to the Sainsbury's branding. In April 2016, 13 months after the purchase by Retail Acquisitions, the company entered administration following unsuccessful attempts to continue trading.
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.
The conclusions of the FRC’s investigation come two years after it launched an investigation into audit work at BHS after the department store collapsed into administration with the loss of 11,000 jobs. The senior PricewaterhouseCoopers accountant who audited BHS’s accounts ahead of its sale for £1 just a year before the department store chain collapsed is facing a 15-year ban and six-figure fine from the industry watchdog. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right.
Breaking An icon of an exclamation mark on a circular background. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Hamburger Menu Icon An icon used to represent a collapsed menu.
The staff of Aberdeen’s British Home Stores were presented with a plaque for their efforts in raising money for Cottage Homes in 1976. The store raised £870 and came third in a national competition to raise money for retired people in the retail trade who couldn’t afford their own home. If the company does collapse it would be the biggest retail failure since Woolworths folded in 2008 resulted in the loss of 30,000 jobs.
"BHS owners consider closing 52 struggling stores". British Home Stores was founded in 1928 by a group of U.S. entrepreneurs who wanted to follow the successful model set by Woolworths. They did not want go into direct competition with Woolworths, so set their highest price at a shilling. The first store opened in Brixton, and by 1929 the price limit had been lifted to five shillings to allow the business to offer more goods.
Unfortunately, if no legislation is in place or no laws have been broken there is no punishment for directors acting unethically. In addition to these poor internal controls, BHS failed to keep up the changing market and did not have any online presence in its dying days. Since BHS was established in 1928, the shopping market and consumer needs have changed drastically, with the majority of shoppers purchasing goods online. Furthermore, 51% of UK consumers prefer to shop online and since BHS had no online presence, they restricted themselves to consumer who want to shop in-store.
No comments:
Post a Comment