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Former BHS owner faces charges surrounding sale of UK retail chain

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Former BHS owner faces charges surrounding sale of UK retail chain

A U.K. watchdog announced on Aug. 22 that it is prosecuting the former boss of collapsed retail chain BHS for allegedly failing to provide information and documents that it requested in its investigation of the sale of the company.

Dominic Chappell, whose Retail Acquisitions Ltd. bought BHS for £1 in 2015, is due to appear in court in Brighton, England, on Sept. 20 to face three charges of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004.

BHS, a chain of department stores formerly known as British Home Stores, collapsed in 2016 with the loss of 11,000 jobs and a pension deficit of £571 million.

Philip Green, the British retail entrepreneur who sold BHS to Retail Acquisitions, in February 2017 reached a settlement with the Pensions Regulator to contribute £363 million toward the pension deficit.