The demise of British Home Stores reminds a nation why it’s mad at the political and business establishment.
Once a fixture throughout the United Kingdom, British Home Stores is being liquidated. The bankruptcy of the nearly century-old home-goods retailer leaves 11,000 employees looking for work and 20,000 retirees worried that their pension fund will soon dry up. Retailers are struggling across the U.K., as middle-class shoppers embrace Internet delivery—when they’re spending money at all. BHS would have needed competent management and solid investment to thrive even in the best of circumstances.
Unfortunately, it had an opportunist at the helm.