BHS 'could file for administration' threatening 11,000 jobs on Monday

theblagger

Department store is set to go into administration on Monday if £60m short-term funds are not found

UK retailer BHS could file for administration as early as Monday, threatening 11,000 jobs, the BBC understands.
Sources close to the owners told the BBC that "things don't look good".
Talks are continuing with Sports Direct to buy some of BHS's 164 stores but it is understood any buyer would only do so if it did not have to take on its £571m pension deficit.

http://www.bbc.co.uk/news/business-36123444

Mistermeaner

Public ownership is surely the answer. Pension defects mean nothing if you're employed by the state.

And surely !!!! clothes are as important a strategic asset to this country as steel, especially since c&a left our shores

globalds

There is a thread running about it over on discussion time.
https://forums.moneysavingexpert.com/discussion/5452500

Generali

I blame Turkey joining the EU and making kebabs mandatory.

stator

How is the scheme that covers pensions when a company goes into liquidation funded? Is it from all of our pensions, they take an anual fee, or is it covered by the government directly?

Johnsmith2016

Generali wrote: »

I blame Turkey joining the EU and making kebabs mandatory.

wow turkey causing problems already . Lets pray together for those naive enough to think they would never join :A

Generali

stator wrote: »

How is the scheme that covers pensions when a company goes into liquidation funded? Is it from all of our pensions, they take an anual fee, or is it covered by the government directly?

AIUI pension schemes pay an insurance premium to the Government based on the risk of the scheme blowing up. That insurance then is used to top up pension funds. Viva will know a lot more about this than me though.

rtho782

Baby boomers have enough pension schemes already, and get to retire much earlier than younger generations will.

Let the gold plated final salary scheme fail, convert it into defined contribution.

And where are the calls for nationalisation? Or is it only an issue when a load of welsh jobs from one area are on the line?

Steel is important you know, we have so much steel in our aluminium aircraft and composite armoured tanks, and no possible way to import steel from our allies in times of war, via sea or that little underground tunnel we built under the channel...

kabayiri

Have you ever watched those nature shows?

Specifically, the one about the local watering hole.

In rainy season, everything is fine. All manner of animals are welcome to come along and drink their fill.

But then we get the dry season. Now, it's all about pushing and shoving; accusations of unfair share; tensions over the young and old drinking patterns.

Folks, UK 'watering hole' is in the dry season.

Generali

kabayiri wrote: »

Folks, UK 'watering hole' is in the dry season.

I don't think it is yet. I think there are some very difficult decisions that are going to have to be made ((c) T. Blair Esq) in the future regarding intergenerational transfers of cash but that is some way off from being forced on the UK. I guesstimate 20 years although immigration is delaying the day of reckoning.

antrobus

stator wrote: »

How is the scheme that covers pensions when a company goes into liquidation funded? Is it from all of our pensions, they take an anual fee, or is it covered by the government directly?

It's funded from compulsory annual levies charged on all eligible schemes i.e. from 'all our pensions'.