Header Photo

Header Photo

Wednesday, 3 August 2016

BHS, RIP


Today is the last day of trading in the city centre for the high street store British Home Stores, or BHS, as it's known.

The Broad Marsh based department store will finally close its doors at 5pm this afternoon, after having a closing down sale for the past few weeks, since the company went into administration earlier this year.

Other stores across the country belonging to the company have already shut. In total, around 11,000 people will have been made redundant from the 163 shops. British Home Stores have been a familiar name on the high street since 1928. Similar in a way to Woolworth's, that disappeared a few years ago.

It's not because the company isn't popular anymore. It's actually down to legal theft. Around £570 million has been syphoned out of the company, including the companies' pension fund, by the previous owner called Sir Philip Green, and the new owners, who actually bought the company off Green for a pound, sometime last year.

It is a prime example of capitalism gone bad. While the former employees with be signing on at the Job Centre, Green will be enjoying life on his new £100 million super yacht, docked in the tax haven of Monaco.

There have been calls for Green to have his knighthood taken off him, and that he should be made to pay some money to the employees' pension fund. No action has been taken yet. But hopefully it is only a matter of time.