Retail round-up on May 27, 2016: Portuguese consortium closes in on deal to save BHS and Mike Ashley threatens to skip parliamentary appearance.
Consortium fronted by former Mothercare director closes in on BHS rescue deal
Former Mothercare and Burton managing director Greg Tufnell's consortium is close to sealing a deal to save beleaguered department store chain BHS and its 11,000 staff, The Guardian reported.
The Portuguese-backed consortium is thought to have already paid part of the sale proceeds to show its determination to complete a deal.
The proposed deal is likely to be valued at tens of millions of pounds.
Liquidators have been lined up in case talks break down and could be called in if a deal is not secured by the end of this week – a move that would force all 11,000 BHS workers into unemployment.
Mike Ashley threatens to pull out from appearance after MPs decline offer
Sports Direct tycoon Mike Ashley has threatened to abandon an appearance in front of the Parliament after MPs rejected his invitation to visit the sports retailer's main warehouse in Shirebrook.
Ashley said he is seeking legal advice over his scheduled appearance at a parliamentary select committee after his offer to show the politicians working conditions at the Derbyshire site was declined.
MP Iain Wright, chairman of the House of Commons Business select committee, wrote to him saying he expects the him to appear before his committee on June 7, as per an earlier summons, but that his members would not be complying with his request to visit the Sports Direct site.
Wright added that he still expects to see Ashley at the committee and would consider visiting Shirebrook after he has heard his evidence.
Meanwhile, Ashley has also been warned by a senior UK parliamentarian that he risks “lengthy and public” contempt hearings in Parliament if he fails to turn up to answer questions about staff working conditions.