BHS has officially entered liquidation, eight months after it fell into administration.
The liquidation of the firm’s assets means the company will now be dissolved and the money will be used to pay back BHS’s creditors.
As previously reported by Drapers, unsecured creditors to SHB Realisations, formerly BHS Limited, could receive between 2p and 8p in the pound.
Non-preferential creditors are owed £48.5m and BHS administrator Duff & Phelps has received claims of £661m to date, which includes the pension scheme at £571m.
In October, BHS’s biggest creditor, the Pensions Protection Fund (PPF), called for the company to enter liquidation within the month in a bid to speed up investigations and reduce costs.
Today, Malcolm Weir, head of restructuring and insolvency at the PPF, said: “We believe the liquidation is the right way to secure the best possible recovery for the pension schemes and other creditors of the insolvent company.
“The liquidator will now be able to progress all remaining issues, including the leases and the ongoing investigatory work”.
Earlier this week, shopworkers’ trade union Usdaw presented a petition with more than 100,000 signatures to Arcadia’s headquarters on Wednesday, urging former BHS owner Sir Philip Green to deliver on his promise to “sort” the BHS pension scheme.
Last week, the Pensions Regulator said it is still hopeful it will be able to secure a deal with Green to settle pension deficit.
BHS.com relaunched in September and is still trading after Qatari retail group Al Mana struck a deal to buy BHS’s 70 international stores and its website for an undisclosed amount at the start of July.