The BHS presence on the UK high street for 88 years, is under severe threat as the owners have filed for insolvency today. BHS is the company that UK tycoon Sir Phillip Green sold for £1 to an assembly of financiers called Retail Acquisitions, who have failed to turn around this business that has been struggling for some years.

The high street still remains a very dangerous place for any company failing to battle price cutting competitors and the ever present threat from online outfits, that do not have the costs associated with a store network of over 160 retail outlets as does BHS.

For now, the branches remain open while the appointed Administrators, Duff and Phelps, deal with the situation and try and find a buyer for the group, or elements of it. The company had hoped to confirm a £60 million loan on top of the recent reduced rent agreements, for a large amount of its premises but this has not happened and the future for the group, currently looks bleak.