British retailer Philip Green said today his struggling department store chain BHS had been acquired by buyout firm Retail Acquisitions.
Green, whose family owns the Arcadia Group, gave no financial details about the deal, after saying previously that several groups had expressed interest in the loss-making chain.
Losses at BHS had widened to £21m in 2013-14 from £19.3m the year before, the company had said.
The chairman of Retail Acquisitions Keith Smith said it was a "fantastic opportunity to breathe new life into this iconic British high street brand".
"We are convinced that with strategic and focussed support we will return BHS to profitability, and safeguard the workforce," he said.
