British department stores group BHS is to be wound down after administrators failed to find a buyer for the 88-year-old retailer, advisers Duff & Phelps said on Thursday.

All 163 stores will hold closing down sales over the coming weeks and 8,000 staff are likely to be laid off.

The retailer has four stores in Belfast, where about 300 people are employed.

"Despite the considerable efforts of the administrators and BHS senior management, it has not been possible to agree a sale of the business," said Philip Duffy and Benjamin Wiles.

“Although multiple offers were received, none were able to complete a deal due the working capital required to secure the future of the company.”

BHS was placed into administration, a form of creditor protection, by owner Retail Acquisitions in April, putting the retailer in danger of disappearing from the high street and placing thousands of jobs at risk.