Statement on BHS administration
I am very concerned to hear that BHS has filed for administration today, and I am particularly worried about the impact that this will have on the BHS store in Wood Green and its staff.
I have released the following statement:
“I sincerely hope that BHS is able to find a buyer in the coming days as it would be a real shame for Wood Green to lose another large department store so soon after Marks and Spencer closed its doors on the High Road.
The real tragedy here is that local people will end up losing their jobs, but BHS also has to face up to the serious concerns about its significant pension deficit. Many members of the firm’s pension schemes will end up receiving a cut to their entitlements if, as expected, the Pension Protection Fund is forced to bail out BHS’s pension schemes”.
Photograph: Dominic Lipinski/PA