Two directors step down from Retail Acquisitions as BHS sales process drags on
TWO directors of Retail Acquisitions, the company which bought BHS for £1 in 2015 from Sir Philip Green, have resigned.
Retail Acquisitions' tenure at BHS ended in controversy when the retailer was placed in administration in April, putting thousands of jobs at risk.
It has since emerged that Dominic Chappell, who headed up Retail Acquisitions, had been bankrupt three times.
Two parliamentary committees are conducting hearings into how BHS was brought to its knees, with the latest hearings set to take place today.
The directors who stepped down yesterday are Eddie Parladorio and Aidan Treacy. Parladorio oversaw the legal function. Treacy was instrumental in the head office restructure and CVA of BHS.
The resignations come as BHS' administrators Duff & Phelps race to find a buyer for it this week. The Pension Protection Fund has reportedly asked for liquidators to be put in place should the sale process fail. A wealthy but unnamed Portuguese family is tipped as frontrunner to rescue the department store chain.