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BHS chief seeks US investor rescue package

Press AssociationPress Association 28/04/2016

The owner of BHS has said he is working with private US investors to put together a rescue package for the collapsed British retailer.

Dominic Chappell said he would look to save a "substantial majority" of the department store chain's 164 shops and continue the business under the BHS brand.

"The pension deficit was weighing us down and not allowing us to move forward," Chappell said.

"After the administration, when the pensions side of the business is sorted out, we will be able to move on. I'm working with US investors to buy a substantial majority of stores."

His move came as it emerged a second committee of MPs would investigate the collapse of BHS, which went into administration on Monday, putting 11,000 jobs at risk.

Chappell acquired BHS for STG1 ($A1.92) from retail tycoon Sir Philip Green last year, taking on a STG571 million pension deficit.

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