BHS was subject to “systematic plunder” by former owners Sir Philip Green, Dominic Chappell and their respective “hangers-on”, according to MPs, leading to the collapse of a company that once employed 11,000 people. A damning report published on Monday after weeks of evidence from former executives and advisers says the “tragedy” of BHS was the “unacceptable face of capitalism” and raises questions about how the governance of private companies and their pension funds should be regulated. All BHS’s remaining stores will close by the end of August after the department store group went into administration in April leaving a £571m pension deficit. Green sold BHS for £1 in March 2015 to a consortium led by Chappell, a serial bankrupt. The retailer failed 13 months later. Green’s business reputation is torn apart in the report put together by MPs on the work and pensions select committee and the business, innovation and skills (BIS) committee, who concluded there was “little to support the reputation for retail business acumen for which he received his knighthood”. Their conclusions are likely to add to pressure for Green to make good the pension shortfall or be stripped of the honour which the Cabinet Office on Friday… Read full this story
- Growing Up Ukrainian In Toronto
- Short Story - Protesters
- The Power of Your Brand - A Public Relations Morality Tale
Sir Philip Green's reputation ripped apart in damning report on BHS demise have 220 words, post on www.theguardian.com at July 25, 2016. This is cached page on SEO. If you want remove this page, please contact us.