Employees at British Home Stores in Mansfield got the news they had been dreading today as it was announced the firm was to be liquidated.
Staff at the town’s West Gate branch will now be among 11,000 employees across the country who will lose their jobs as a result.
The news was announced after the administrators failed to agree a sale and the company’s historic name now will disappear from the high street.
Philip Duffy, managing director of administrators Duff & Phelps, said although multiple offers were received, none were able to complete a deal as they did not have the working capital required.
He added: “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.
“As a result of the wind down all 163 stores will be in close down sale mode over the coming weeks and whilst continuing efforts will be made by the administrators to sell stores the jobs of 8,000 members of staff are likely to go. A further 3,000 jobs of none BHS employees who work in the stores may also be at risk.
“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.”