No one is to blame for the imminent collapse of BHS, owner Dominic Chappell has insisted.
The beleaguered high street chain will file for administration today, threatening almost 11,000 jobs.
Speaking to the Press Association, Mr Chappell said: "No one is to blame. It was a combination of bad trading and not being able to raise enough money from the property portfolio.
"In the end, we just couldn't reach an agreement with Arcadia over pensions."
He added that he will continue to work with the administrators Duff & Phelps to "find a solution post the administration".