Sir Philip Green may not be be able to use the prefix too much longer.
The Cabinet Office have confirmed that his knighthood will be reviewed.
"A recommendation to cancel an honour is usually prepared by the department which drew up the original citation. The Forfeiture Committee considers each case on its merits and submits its recommendation through the Prime Minister to the Sovereign. If the Sovereign approaches a recommendation to revoke an honour, a notice of forfeiture is placed in the London Gazette," a statement to Labour MP Jim McMahon said.
"I hope you will understand that I cannot comment on the particular circumstances of Sir Philip, but I can assure you that the case is being reviewed."
The news comes after a number of tumultuous months for BHS, which announced in April that it was entering administration - just over a year after it was sold for £1 by Arcadia owner Sir Philip Green.
The business, innovation and skills committee and the work and pensions select committee are probing the handling of the sale of BHS from Green to Chappell and its £571m pensions deficit.
In one of the latest twists, Green last month demanded that chair of the work and pensions select committee Frank Field resign from the BHS inquiry, accusing him of bias.