British department store BHS will close all of its 163 stores across the UK, with 11,000 people expected to lose their jobs, the company's administrator confirmed on Thursday (2 June).
The decision means that 8,000 members of staff are likely to lose their jobs, while an additional 3,000 contractor jobs could also be at risk.
"Despite the considerable efforts of the Administrators and BHS senior Management it has not been possible to agree a sale of the business," the administrators of BHS, Philip Duffy and Benjamin Wiles of Duff & Phelps, said in a statement.
"Although multiple offers were received, none were able to complete a deal due the working capital required to secure the future of the company. Our thoughts today are with the employees. We thank them for their professionalism and hard work. We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales."
Duffy said the collapse spoke volume for BHS' failure to comply with the ever-changing environment of the British high street.
"The British high street is changing and in these turbulent times for retailers, BHS has fallen as another victim of the seismic shifts we are seeing," he said.
"The tireless work and goodwill of the existing management team and employees of BHS with the support of my team were not enough to change the fortunes of the company."
The 88-year-old business entered administration on 25 April, after it failed to reach a last-minute deal to stay afloat and a parliamentary inquiry has since been launched to shed light on the £571m ($826m) pension fund black hole.
Retail tycoon Sir Philip Green, who sold the retailer to Dominic Chappell – director of Retail Acquisitions – for £1 in 2015, is scheduled to appear in front of the Work and Pensions Committee and the Business Innovation and Skills Committee to be questioned about the collapse on 15 June.
Earlier this week, Austin Reed confirmed it will close all of its 120 stores and cut 1,000 jobs by the end of the month after administrators failed to find a buyer for the embattled menswear retailer.
"Despite a significant number of interested parties coming forward during this period, it became clear as the process progressed that a viable solution, which kept the business whole, was not forthcoming," said joint administrator Peter Savile.