What does it mean for BHS if it calls in administrators?

It's not over yet, the company is still trading.

We're reaching the end of the month and it's basically a time where the company needs to pay wages and rent is due. It's clearly not in a position to do that so it will go in to administration.

Duff and Phelps will have the job of trying essentially to find new owners.

It's a very difficult time to be doing this - yes it's got a prestigious brand but so did Woolworths and so did Comet. It's got years of history and Sir Philip Green was willing to pay a lot of money but clearly it has fallen on very bad times.

It's in extreme distress - loss making, in debt, sales falling - they'll have their work cut out.

Also, we've had a list of big retailers issuing profit warnings lately - it's not a great time to be doing this.

The puzzling thing is this though, just last month they entered into a credit agreement with their creditors which reduced rent and the thought was that bought this company some breathing space at least.

Things have unravelled awfully quickly and there are going to be questions asked about just what's been going on.