Troubled retailer BHS could go into administration as early as tomorrow, threatening scores of jobs in North Wales.
Staff at Llandudno and Wrexham branches of the retailer await news from a creditors’ meeting planned for today.
The company reportedly has debts of more than £1 billion and a £570 million hole in its pension pot which needs plugging.
However a statement note on BHS’s corporate site, placed on Saturday, said: “BHS would like to advise that despite some press speculation it is not in, nor has applied to go into administration”.
Last month the retailer reportedly agreed a CVA (Company Voluntary Arrangement) deal with creditors for 125 of its 164 stores.
It also sought a reduction in rents of between 50-75% at 47 of its outlets.
It is not known whether Llandudno and Wrexham stores were among those seeking a rent reduction.
The Llandudno store is located on Parc Llandudno and Wrexham’s branch is on Henblas Street.
BHS employs around 11,000 staff and the fine detail of any last minute deal or descent into administration will decide how many, if any, staff retain their positions.
Around 150 jobs were due to go at the company’s head office, a third of the 450 strong workforce, and a further 200 management roles are in the process of being shed by amalgamating two tiers of management into one.
British Home Stores was established in 1928 and, according to its own figures, performs an average of one million transactions a week across 164 freestanding and 74 franchise stores in 18 countries.
Retail Acquisitions bought the company for £1 from Sir Philip Green last year
see-http://www.dailypost.co.uk/news/north-wales-news/wrexham-llandudno-bhs-staff-await-11234217
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