The former owner of BHS, Sir Philip Green, has offered to cover £80 million of the company’s debt according to press reports.
Sir Philip, who owns the Arcadia brand, sold BHS to investment company Retail Acquisitions for £1 in 2015. The group now has the task of settling BHS’s £200 million debt. The Pension Protection fund is reported to have approached Sir Philip to help shore up the chain’s pension scheme ahead of taking on the plans itself. The news comes a day after court documents revealed that the gap in BHS’s working pension deficit may be larger than first thought. Retail Acquisitions is also in talks with BHS’s landlords on certain sites to cut its rent.
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