BHS to go into administration

British department stores group BHS is expected to go into administration, possibly as early as Monday, a source with knowledge of the company's plans told Reuters on Sunday. Administration would endanger nearly 8,000 jobs at the company and another 3,000 contractors working with the 88-year-old firm, which has 164 stores, and has been hit hard by intense competition in the retail sector.
In March, the group had won support from its creditors for a rescue plan to try to allow the retailer to stay in business thanks to big cuts in its rent bill.