'One person responsible for chain's demise'...
‘King of retail’ Green blamed for collapse of BHS
Sir Philip contributed to the collapse of the 88-year-old group by extracting huge sums from the company while leaving its pension fund in deficit, the report concludes.
A highly-critical indictment by two Commons select committees says the retail tycoon sought to blame anyone but himself for the company’s failure.
The Work and Pensions committee, together with the Business, Innovation and Skills committee also criticised Dominic Chappell, who bought BHS for £1, as well as the “directors, advisers and hangers-on” associated with the deal.
However, MPs felt Sir Philip was ultimately to blame and now had a “moral duty” to compensate 20,000 employees and former employees in the pension scheme who are facing substantial cuts to their benefits.
The 66-page report states that leadership failures and personal greed caused the downfall of the 88-year old chain, calling it “the unacceptable face of capitalism”.