BHS is facing liquidation after administrators said they were unable to find a suitable buyer.
In the biggest failure in retail history since the demise of Woolworths in 2008, the department store will close its 163 stores and cut up to 11,000 jobs.
Numerous attempts were made to rescue BHS, which went into administration in April, but the bidding process has not amounted to a buyout.
Administrators Duff & Phelps said in a statement: “Despite the considerable efforts of the administrators and BHS senior management it has not been possible to agree a sale of the business. Although multiple offers were received, none were able to complete a deal due the working capital required to secure the future of the company.
“Our thoughts today are with the employees. We thank them for their professionalism and hard work. We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales.”
While Duff and Phelps will attempt to sell the chain’s 163 stores, the jobs of 8,000 staff are likely to go, the administrators said. A further 3,000 jobs of none BHS employees who work in the stores may also be at risk.
Philip Duffy, managing director of Duff & Phelps and joint administrator said: “The British high street is changing and in these turbulent times for retailers, BHS has fallen as another victim of the seismic shifts we are seeing. The tireless work and goodwill of the existing management team and employees of BHS with the support of my team were not enough to change the fortunes of the company.”