Retail Acquisitions, which has recently acquired struggling high street chain British Home Stores (BHS), is planning to sell latter’s underperforming stores across the nation.
The company is contemplating the closure of around 52 BHS stores that are located in Manchester, Leeds and Birmingham.
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According to sources close to BHS, the underperforming stores that have attracted interest from other retailers are likely to be sold.
Retail Acquisitions chairman Keith Smith was quoted by The Telegraph as saying that the new owners would consider closing stores or re-letting space.
"We have got to create a situation where all the stores are receiving the right stock and footfall," he said, adding that Retail Acquisitions "have ideas to bring in other retailers".
Retail Acquisitions has agreed to invest the money raised from asset sales into BHS.
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By GlobalDataIn addition, BHS management is contemplating plans to open new stores in the right locations.
Retail Acquisitions spokesman said: "As with any new owner, Retail Acquisitions, together with BHS management, is looking at options for the property portfolio and its structure.
"Property consultants have been appointed, but this does not mean that any leases that may be under review will be sold, and certainly does not mean that store closure is the only option. Options could also include sub-letting underutilised space or renegotiating payment terms."
Earlier this month, Sir Philip Green sold BHS to the investment firm Retail Acquisitions for £1, as per BBC.
