BHS goes into administration
25-04-2016, 09:02
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#1
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Still alive and fighting
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BHS goes into administration
Another big name set to disappear from our high street it seems.
http://www.bbc.co.uk/news/business-36123444
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“The only lesson you can learn from history is that it repeats itself”
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25-04-2016, 09:56
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#2
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Bah Humbug!!
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Re: BHS goes into administration
Its been coming for a long time.
Such a shame though,
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25-04-2016, 15:02
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#3
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Perfect Soldier
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Re: BHS goes into administration
Bit like M&S clothing, they've lost focus on their traditional market and don't really seem to be pulling in the punters.
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25-04-2016, 15:54
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#4
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cf.mega poster
Join Date: Jan 2008
Posts: 10,070
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Re: BHS goes into administration
Now gone into Administration, they are hoping that some stores may be saved by being taken over by other companies.
The National Insurance Fund is likely to be used to fund the remaining staff who will be made redundant.
This month's wages will be paid by the administrator.
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25-04-2016, 16:05
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#5
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cf.mega poster
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Re: BHS goes into administration
It's a shame, but last time I went in there was 3 years ago to buy a present for someone, all the clothes were either sizes 10, 12, 22, 24 or 26. Nothing in between.
It's the pension deficit that needs addressing though. A £571m shortfall in the fund, and Sir Phillip Green has offered just £40m to the shortfall.
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25-04-2016, 17:22
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#6
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Mum 15/08/46 - 30/09/20
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Re: BHS goes into administration
Quote:
Originally Posted by MarkC1984
It's a shame, but last time I went in there was 3 years ago to buy a present for someone, all the clothes were either sizes 10, 12, 22, 24 or 26. Nothing in between.
It's the pension deficit that needs addressing though. A £571m shortfall in the fund, and Sir Phillip Green has offered just £40m to the shortfall.
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He need to make up the full amount.
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25-04-2016, 20:42
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#7
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cf.mega poster
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Re: BHS goes into administration
Quote:
Originally Posted by Hom3r
He need to make up the full amount.
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Why, it's nothing to do with him. If there have been big jumps in salary, that will affect a final salary scheme. People are taking out a vastly disproportionate amount compared to what they have put in. It's like a ponzi scheme. You can get away with it as long as more money goes in, but as soon as it stops, eg people get made redundant, it collapses. The money paid into the fund in the past can never support the new higher levels of payouts.
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25-04-2016, 21:33
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#8
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Sad Doig Fan!
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Re: BHS goes into administration
So, the government makes every company to have a retirement scheme and employeers contribute to it.
The company then goes bust, the employees lose their retirement fund.
Is there a problem here I'm not seeing?
I seem to remember the same happening to Maxwell employees.
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25-04-2016, 21:38
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#9
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laeva recumbens anguis
Cable Forum Team
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Re: BHS goes into administration
The Pension Protection Fund
Quote:
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The Pension Protection Fund was established to pay compensation to members of eligible defined benefit pension schemes, when there is a qualifying insolvency event in relation to the employer and where there are insufficient assets in the pension scheme to cover Pension Protection Fund levels of compensation.
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25-04-2016, 21:53
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#10
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Inactive
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Re: BHS goes into administration
Quote:
Originally Posted by Hom3r
He need to make up the full amount.
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He could do it out of the billion pound dividend he gave his wife in Monaco to avoid UK tax.
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25-04-2016, 21:57
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#11
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Inactive
Join Date: Oct 2006
Location: Right here!
Posts: 22,316
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Re: BHS goes into administration
Last time I bought anything in BHS it was a couple of breakfasts in about 1998. It's a great shame for the workforce but inevitable in today's world IMHO.
I hope SPG is made to stump up towards the pension fund but doubt even that'll be enough.
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25-04-2016, 21:59
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#12
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R.I.P.
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Re: BHS goes into administration
Blimey, they are half way through refitting a massive store here in Swansea, theres a gaping big hole in the front of the building as they are modernising it.
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25-04-2016, 22:55
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#13
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cf.mega poster
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Re: BHS goes into administration
Quote:
Originally Posted by pip08456
So, the government makes every company to have a retirement scheme and employeers contribute to it.
The company then goes bust, the employees lose their retirement fund.
Is there a problem here I'm not seeing?
I seem to remember the same happening to Maxwell employees.
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Same thing? Truth seems to be a strange concept around here and elsewhere.
Maxwell spent(ie stole) the pension funds on propping up the share price.
Quote:
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At that time, of course, we had no idea about the story that would break almost a month later to reveal that Maxwell had committed a massive fraud by plundering his employees' pension funds in order to shore up his companies.
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The money in the BHS fund is still there. It just isn't enough to generate an income to retire at 60 with a final salary scheme.
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26-04-2016, 02:37
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#14
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cf.mega pornstar
Join Date: Jan 2006
Posts: 18,802
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Re: BHS goes into administration
Quote:
Originally Posted by nomadking
Same thing? Truth seems to be a strange concept around here and elsewhere.
Maxwell spent(ie stole) the pension funds on propping up the share price.
The money in the BHS fund is still there. It just isn't enough to generate an income to retire at 60 with a final salary scheme.
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Early editions are running with tales of impropriety
http://www.theguardian.com/business/...administration
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26-04-2016, 03:14
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#15
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cf.mega poster
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Re: BHS goes into administration
And how many other final salary pension schemes were that different? The pension funds are SEPARATE from the businesses.
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