High-street chain BHS is set to be liquidated
BHS is set to go into liquidation after no buyer was found to save the beleaguered department store, its administrators have confirmed.
Duff & Phelps said that BHS will be in "close-down sale mode" as it proceeds an "orderly wind-down" of the business.
All of the chain's 163 stores are to close, with around 8,000 staff "likely to go", along with 3,000 contract jobs, ITV News Business Editor Joel Hills said.
In a statement, administrators Philip Duffy and Benjamin Wiles said "despite the considerable efforts" it had not been possible to agree a sale of the business.
The news comes after last-ditch rescue bids from former Mothercare boss Greg Tufnell and Mike Ashley's Sports Direct failed.
BHS entered administration in April with a £571 million pensions deficit, sparking an investigation by MPs into its demise.
Retail tycoon Sir Philip Green, who owned BHS for 15 years, before selling it to Dominic Chappell for £1 in 2015, said he was "saddened and disappointed" by news of the company's demise.
Both men have been roundly criticised over the collapse of the retailer and will face questions from MPs in the coming weeks.