Is BHS for Sale? According to the Independent on Sunday Sir Philip Green is looking for buyers for British Home Stores in a move to focus on the more profitable Topshop, which is expanding into the US with its first New York store opening this year.
Retail sources close to Sir Philip said he wants to sell BHS, which along with other retailers is having a torrid time on the high street. One source said “Sir Philip has talked to a number of people about buying BHS. He’s caught in a bit of a problem – he wants to get out of BHS and spend more time on Topshop, which is going great guns. “But selling BHS is proving tough because no one wants to take on all 180 shops at a time like this. There are many, like Primark, who would like some of the town centre sites, and M&S would like about 20 stores.”
But the source added: “Philip would be loath to break up the chain, and certainly wouldn’t want to put staff in a difficult position. He might just have to stick through the rough times ahead and wait until the market turns.” Sir Philip could not be reached for comment but has in the past denied rumours that BHS was for sale.
Sir Philip also predicted more pain for the high street, saying “This isn’t like a jab – it’s like continual jabs. The market is probably as difficult as I’ve seen it, very challenging. Nobody is getting excluded from this.”