Tilbury
Active Member
The large department chain store British Home Stores, which employs 11,000 people, has gone into administration. It's pension scheme, of which there are 20,000 members, has a £571million deficit.
http://www.theguardian.com/business/2016/apr/25/bhs-heading-for-administration-as-rescue-deal-fails
The disgusting part to story is how the company was handled by billionaire former owner Sir Philip Green. In 2000 he bought the company for £200 million, 15 years later having received £400million in untaxed dividends he sold the company for £1 stating; "If you buy my house and it falls down, is it my fault? As far as I'm concerned, in terms of the actions we've put in place, there's no reason they should get in trouble".
Well Philip I would suggest that if you've destroyed the foundations of the house whilst you lived in it and it later collapses, then yes, it is your fault. And apparently he now agrees as when the news first broke he offered £80million towards the pension scheme.
The current owner Dominic Chappell has can hardly be described as the greatest owner either. http://www.theguardian.com/business...the-bhs-takeover-that-worried-retail-watchers
http://www.theguardian.com/business/2016/apr/25/bhs-heading-for-administration-as-rescue-deal-fails
The disgusting part to story is how the company was handled by billionaire former owner Sir Philip Green. In 2000 he bought the company for £200 million, 15 years later having received £400million in untaxed dividends he sold the company for £1 stating; "If you buy my house and it falls down, is it my fault? As far as I'm concerned, in terms of the actions we've put in place, there's no reason they should get in trouble".
Well Philip I would suggest that if you've destroyed the foundations of the house whilst you lived in it and it later collapses, then yes, it is your fault. And apparently he now agrees as when the news first broke he offered £80million towards the pension scheme.
The current owner Dominic Chappell has can hardly be described as the greatest owner either. http://www.theguardian.com/business...the-bhs-takeover-that-worried-retail-watchers