BHS Ends Its Business History In High Street, UK

Last month, the 88 year old famous chain

The shops closed the last more than 20 shops and ended their business history at highstreet, the main street in the United Kingdom.

Founded in 1928, after decades of operation, it has gradually developed into a famous clothing and home chain department store.

。

In 2000, Philip Green bought it at a price of two hundred million pounds.

According to the report of the parliamentary special committee, the Philip Green family gained more than 300 million interest from BHS, but it made the enterprise hang in line in 2014.

In 2015, Philip pferred the company to Dominique Chappell at a price of 1 pounds, but the latter was not considered a suitable supplier. He had suffered many bankruptcies and had no experience in retailing business.

The British Parliament's Special Committee on commerce, employment and pensions has conducted a 3 month investigation of BHS bankruptcy. It found that the company had a black hole of 571 million pounds, which directly affected the life of nearly 20 thousand employees and pensioners. Most of the "eating class", including former owners Philip Green, current boss Dominique Chappell and their respective business management agents, became rich in the process of squeezing out the interests of enterprises.

Such a chain store with more than 160 shops has traded at such an incredible price of 1 pounds. The role of US investment bank Goldman Sachs, British related forensic companies and accounting firms in this paction has also been criticized and questioned.

The congressmen criticized Philip Green for what he did in the course of the operation of the enterprise. He compared it to "dictator" and "asset stripper". Some members asked Green to never be rewarded again.

Because surveys show that when Philip Green took over, the BHS pension project was still in good health, and when he sold the company, there was a problem with pension funds.

Since the disclosure of relevant bankruptcies in the first half of this year, it has aroused widespread concern in the UK. Not only because of its large impact, business failures involve the employment of 11 thousand employees, but also because of its serious nature, to a certain extent, that the top managers have emptied enterprises and brought serious social problems, and the parliamentary report has criticized it as "an unacceptable face of capitalism".

This incident also aroused the concern of British Prime Minister Teresa May. His spokesman expressed "clear concern" about the findings of the parliamentary investigation, saying that it is necessary to "reform capitalism to ensure that it serves everyone, rather than serving only a few privileged classes".

But up to now, Philip Green has not been subjected to more substantive sanctions in addition to the examination of his knighthood.

Even members have yet to agree on whether to withdraw their title.