store design was gradually introduced across the estate. Goring left BHS in 2012 to take up the position of Retail Director for Debenhams. After he left, former Marks and Spencer Menswear Trading Director, Richard Price was appointed managing director. Gray left in 2014. In January 2015, Green confirmed that he was considering selling the company following sustained losses, and that he had received a number of approaches. Sale and restructuring On 12 March 2015, it was announced that BHS had been sold to Retail Acquisitions for a nominal price of £1. It was also confirmed that Richard Price had left his post as managing director for a position with the clothing arm of Tesco; former BHS Chief Operating Officer Darren Topp was confirmed as the interim Chief Executive. Shortly after the takeover, 51 of the company's 171 stores were reported as being under threat of closure. In September 2015, BHS owners Retail Acquisitions announced another rebrand, as part of a £60m rejuvenation plan, which resulted in the full British Home Stores name being resurrected on the high street for the first time since 1986. A programme of modernising stores with the new branding was announced, while plans to roll out food halls were to continue. By early 2016, periodic store closures had seen the company withdraw entirely from several city centres including Bath, Cardiff, Carlisle, Oxford, Reading and Southampton. Plans were also being made to reduce the size of the flagship Oxford Street branch by leasing excess space to other retailers. In March 2016, the company sought a company voluntary arrangement (CVA) to allow it to restructure the business. As part of its application, it revealed a deficit in its pension scheme of £207 million, and sought to transfer its schemes to the Pension Protection Fund. A consortium led by the banker Nicholas de Scossa was involved in negotiations to buy the company. Administration and closure On 24 April 2016, Dominic Chappell (owner of Retail Acquisitions) announced that administrators would be appointed the next day. It was announced that the chain had entered administration on 25 April 2016, putting 11,000 jobs at risk. Duff & Phelps were appointed administrators and sought to sell the business as a going concern. It at this point had debts of £1.3 billion including £571 million in pension liabilities, meaning either individual assets (such as stores) would have to be sold or the chain would