New BHS owners hire advisers to shake-up its property estate
THE NEW owners of BHS have hired agents to weigh up options for its property portfolio, casting further uncertainty over the future of some of its 171 stores.
Retail Acquisitions, which bought the department store group for £1 from Sir Philip Green last week, confirmed that Jackson Criss and Charles Palmer Property have been brought in to review its underperforming stores.
The news was first reported in Property Week, which said a third of the estate was being reviewed and at risk of closing.
However, a spokesperson strongly denied this, saying that BHS will look at a range of options including renegotiating rent terms with landlords or converting some of the floor space into offices.
“Property consultants have been appointed, but this does not mean that any leases that may be under review will be sold, and certainly does not mean that store closure is the only option,” BHS said.