Almanagroup Acquisition Of Online And Overseas Businesses Of UK Bankruptcy Department BHS

UK Department Store BHS

Qatar integrated group AlManaGroup has acquired bankruptcy in Britain

BHS's online and overseas business, Duff&Phelps, the bankruptcy trustee of BHS, will continue to seek the best way to deal with the 164 British stores in the department store, and guarantee as many as 11 thousand unemployed workers as possible.

In March 2015, PhilipGreen, owner of BHS's former owner ArcadiaGroupLtd., sold the department store to the three time bankrupt and had no new retail experience of RetailAcquisitionsLtd., leaving a huge pension gap of up to 571 million pounds at 1 pounds.

With the deepening of the BHS bankruptcy investigation and hearing, the heavy curtain of the paction has been uncovered. PhilipGreen wife TinaGreen has been exploded to earn 53 million pounds from the internal paction, and PhilipGreen and other investors have gained over 580 million pounds' interest, rent and interest in the 15 years of owning BHS.

PhilipGreen has publicly apologized for the bankruptcy of BHS, and promised that ArcadiaGroupLtd. will solve 1000 jobs, but compared to the 11 thousand unemployed, it is only a drop in the bucket.

But at least 150 British employees related to BHS's online sales website are expected to keep their jobs after the deal is successful.

BHS's overseas stores have been stationed in Mongolia, Libya and 17 other countries. Internal sources say that although British business began to lose money in 2009, overseas business has been doing well.

In the Middle East, they are Herm s, Armani, Zara, Mango, Sephora, Omega, Swatch, HarveyNichols and BHS.

,

The amount of AlManaGroup paid by licensing and department store operations shops for BHS online and overseas businesses is not known, but it is good news for a total of creditors who owe more than 1 billion pounds.

Unsecured creditors, including thousands of suppliers, were told last week that they might only be able to recover less than 30% of their debts.

After the announcement of bankruptcy trusteeship at the end of April, it has not been able to find a 571 million year old pensions and other gaps in the past two months. The BHS164 department store will complete its completion in the next few weeks. The 88 year old department store will eventually disappear, making BHS the largest bankruptcy case in the UK's high street retail business since the closure of WoolworthsGroupPLC2008.

Insiders say that BHS has little chance of finding buyers willing to take over 50 British stores. It is reported that the largest retailer of sports goods SportsDirectInternationalPLC (SPD.L) and AssociatedBritishFoodsPLC (ABF.L), a cheap clothing retailer Primark, has been accused of buying some stores.

AlManaGroup's retail branch was run by WissamalMana, and his father SalehAlHamadAlMana founded the group in 1951, and he was JanetJackon's husband.