Savills has been appointed by KPMG to advise on the future of BHS’s real estate portfolio.
The struggling retailer announced a proposed company voluntary arrangement on Thursday.
Of its 164-store portfolio, it will seek rent reductions on 47. It will look to negotiate substantial rent reductions or close a further 40 stores and leave the remaining 77 as is.
BHS, which made an £85m pretax loss last year, appointed KPMG last month to consider options for the future of the business.
Arcadia owner Sir Philip Green sold the business to Retail Acquisitions for £1 in March 2015.
The new owner secured £65m of debt from specialist lender Grovepoint Credit last September to fund the chain’s turnaround.
It is also selling the lease of the most prominent store in its portfolio on Oxford Street, W1, and has been reported as having held talks to lease the 47,000 sq ft space to Swedish furniture giant Ikea for a smaller format shop, as well as a flagship debut for Polish fashion chain Reserved.
BHS must secure approval from 75% of its creditors, including landlords, for the CVA to proceed.
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