Green talks to Primark over Bhs sales
Sunday 29 May 2011
Sir Philip Green is in early talks to sell a batch of his Bhs stores to Primark as part of a cost-reduction exercise across his Arcadia brands.
It is the second group of stores he will have sold to Primark. Last year, Primark snapped up 10 Bhs leases. Green bought the clothing-to-homeware shops as British Home Stores from the listed retail conglomerate Storehouse for around £185m in 2000. It was then a chain of around 160 outlets.
Sir Philip has in the past held talks to sell the entire Bhs business, but did not close a deal. Instead, he is working on a strategy of closing some of his Arcadia stores where leases are coming to an end.
He is also putting brands such as Dorothy Perkins and Burton into his larger Bhs stores in a bid to cut costs by reducing the overall rent bill.
Primark, which is owned by Associated British Foods (ABF), will buy the stores as part of its planned expansion programme in Britain and Europe.
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
- 3 Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
- 4 UK weather: 'Coldest night of the year' tonight as freezing temperatures plummet to -10C
- 5 Game of Thrones is most-pirated TV show of 2014
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
Sir Winston Churchill’s family begged him not to convert to Islam, letter reveals
AirAsia flight QZ8501 missing: Search for plane carrying 162 passengers from Indonesia to Singapore suspended overnight
Millions of Britons struggling to feed themselves and facing malnourishment
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...