BHS slashes prices by up to 60% in 164 stores across country in final clearance sales
HUGE reductions have hit online and stores across the UK after the company went into administration on Monday
BHS has slashed prices by up to 60 per cent across the country in final clearance sales as the company goes into administration.
Prices have plummeted in nearly all 164 stores across the country, as 11,000 jobs remain at risk following the store's collapse.
Final clearance sales are in place, with homeware, clothes and lighting going for radically low prices after the company was sold for £1 last March.
Billionaire Philip Green faces questioning during an inquiry into the failed department store's £571 pension black hole.
Some have accused Sir Philip of taking too much money out of BHS, which could have been invested into the company to modernise it and boost its pension fund.
The Work and Pensions Committee today launched an investigation into BHS's failure on the government-backed Pension Protection Fund (PPF).
Frank Field, chair of the Committee, has said the retail tycoon, who also owns Topshop, "will be invited" to give evidence.
He said: "We need... to look at the PPF and how the receipt of pension liabilities of BHS will impact on the increases in the levy that will now be placed on all other eligible employers to finance the
scheme.
"We will then need to judge whether the law is strong enough to protect future pensioners' contracts in occupational schemes."
Green sold BHS in March last year for just one pound, after buying it for £200 million in 2000.
Retail Acquisitions put the former High Street giant into administration on Monday.
Britain's Pensions Regulator said it was investigating the pension scheme, but warned it could take years.
They said: "The regulator might want to push this all the way to the court so they set a precedent. The line is then very clearly drawn in the sand as to what you can and can't do.
"This one has got years rather than months on it."
Sir Philip has offered to make a £80m voluntary contribution to the £571m deficit.
BHS, which employs around 11,000 people across the UK, will continue trading while the administrators seek a buyer for the business.
John Mann, a Labour member of the Treasury select committee, called on Sir Philip to repay £400m of dividends that he took out of BHS.
He said: "Sir Philip Green and his family have made millions out of BHS and its hard-working staff. He took over a company with a healthy pension pot, yet when he sold BHS a black hole had appeared in its fund."
Green, who was knighted in 2006, was unavailable for comment when asked.
