Buyout firm Retail Acquisitions has acquired British department store chain BHS for an undisclosed amount.

The chain with 171 UK stores and 88 franchise stores has been facing challenging market conditions.

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BHS owner Philip Green has sold the retail chain after it posted around $31.5m in losses during 2013-14, when compared to the year before, Reuters reported citing the company.

Commenting on the deal, Retail Acquisitions chairman Keith Smith said: "This is a fantastic opportunity to breathe new life into this iconic British high street brand. We are convinced that with strategic and focused support we will return BHS to profitability, and safeguard the workforce."

Retail Acquisitions plans to appoint a chairman for BHS.

BHS currently employs 11,000 people and owns and operates high-street brand stores that provide fashion products, homewares, and food services in the UK.

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"The business is handed over in a sound financial position with significant cash balances and banking facilities in place.

"I am confident that Retail Acquisitions have a platform to grow the business and return it to profitability," added Green.

Green had acquired BHS for $298m in 2000, besides other companies including Topshop, Topman, Burton, Dorothy Perkins, Miss Selfridge, Wallis and Evans.