What the Papers Say: BHS and Austin Reed fallout

Today’s papers and websites focus on the possible demise of two high street brands, BHS and Austin Reed.

The BBC reports that Austin Reed has entered administration putting 1,200 jobs at risk.

It says: ‘A statement from the administrators blamed a “challenging” retail market and cash flow difficulties.

‘The company, which has 100 standalone stores and is stocked in a further 50, has struggled to compete and has seen its sales fall.

‘Austin Reed began in 1900 as a tailor and counted Winston Churchill as a customer.’

The Mirror reports ‘11,000 BHS workers face sack ex owner Philip Green refuses to take blame’.

The Mirror alleges: ‘Monaco-based Sir Philip, who bought BHS for £200m in 2000, is estimated to have taken £400m out of the business in dividends.

‘At the same time, the hole in the chain’s pension fund ballooned to £571m.’

BBC Business also reports that Asda will change its pricing policy after a CMA investigation.

The BBC reports that ‘the regulator was investigating whether supermarkets were misleading customers with confusing price promotions. The investigation came after a super-complaint by the consumer group Which?.’

The Guardian says ‘Tata Steel may yet keep UK business if outlook improves’.

It goes on: ‘Tata Steel has not ruled out keeping its UK business, including the Port Talbot steelworks, despite having begun the process of selling it and announcing it wants to pull out of the country.

‘A source close to the Indian company said it was still exploring whether it could afford to keep its UK steel business and fund a turnaround plan, with thousands of jobs on the line as talks continue over a rescue deal.’

The Manchester Evening News says the ‘region’s property experts should ‘seize Northern Powerhouse opportunities’ and ‘property developers and landlords must see the Northern Powerhouse as their responsibility – not wait for government or council leaders to set the pace’.