British Home Stores

[Kwacky]

* Philip Green loads BHS up with debt, fails to invest, pays his wife £400m in dividends, and lives in a tax haven.

* 2005 Phillip Green receives an untaxed offshore dividend from Arcadia – the group that owned BHS - of £1.2 BILLION

* Yep, the same Phillip Green whom David Cameron appointed as his "waste watchdog" to advise on Government spending

* BHS Pensions ... a £5 million surplus turns into a £571 million deficit

* Green flogs BHS to Dominic Chappell (who owns 90% of Retail Acquisitions) for £1.00

* BHS pay Retail Acquisitions £25m in 13 months

* The money runs out

* 11,000 BHS workers' jobs on line.

Green's new yacht

[Perkles]

The worst thing is their pensions are now fooked,it's terrible

[duke63]

This loading companies with debt to effectively 'buy' themselves should be made illegal. It benefits only a very very few.

[StMarks]

....It benefits only a very very few.

However it seems it benefits that very very few, a very very lot ££££.

So whilst they & their cronies make the rules, things are unlikely to change for the better any time soon I expect.??

[Perkles]

Sad to see it go,my nan used to take me there for a fry up on a Saturday morning

[Monty]

It sickens me! What happened to philanthropy?

[D41]

I like that yacht....looks like the one from a Bond movie.

Otherwise who cares...if BHS was making any money then I doubt it'd be getting passed around like a hot coal...."Oooh, this thing is a good money maker, let's sell it for $1!!"

Unlikely.

[Kwacky]

The 11,000 people without a job and without a pension care.

[D41]

Have 11,000 people lost their jobs??

My bad...must've misread the link in the OP.

[Kwacky]

And their pensions are going to fail

[D6]

That is an awesome boat

[D41]

Then tell them to keep working......traditionally people who work until a later age in life live longer than those who don't.

Or, they can retire and die.....their choice.

[edd1e]

if everything stated in the OP is true, that is terrible...

[kiwikrasher]

Then tell them to keep working......traditionally people who work until a later age in life live longer than those who don't.

Or, they can retire and die.....their choice.

Because 11,000 people can easily pick up new jobs in today's market, especially those in that number who were within 10 yrs of retiring. Not to mention the work they have done up to now building their pension has been wiped out. But who wants to retire anyway because you'll just die

Muppet

[Kwacky]

Then tell them to keep working......traditionally people who work until a later age in life live longer than those who don't.

Or, they can retire and die.....their choice.

They have been working.

[Monty]

Otherwise who cares...if BHS was making any money then I doubt it'd be getting passed around like a hot coal...."Oooh, this thing is a good money maker, let's sell it for $1!!"

Unlikely.

Think you're missing the point of the OP

* Green flogs BHS to Dominic Chappell (who owns 90% of Retail Acquisitions) for £1.00

* BHS pay Retail Acquisitions £25m in 13 months

* The money runs out

This was deliberate

[StMarks]

IMHo it's theft from society, as those who have been left penniless will ultimately be supported by the government (read; paid for by us taxpayers)

And it's not as though it's difficult to find out who took everything, is it.??

[duke63]

Some of the obscene wealth in the world needs to be pegged back.

I'm not against people making themselves more than comfortable but when individuals can do that and still afford yachts like the photo, then there is something very badly wrong.

How can it be that there has been no fraud committed here?

[Perkles]

loosing your job is one thing but then being told your pension that you have saved hard for is now stuffed is just a kick in the balls

[Monty]

No doubt as StMarks suggests there will be some sort of Government/tax payer protection for the pension, and I'd bet my left arm it won't cover the whole amount.

So both the tax payers and the employees get to fund his new boat.