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The British Home Stores pension scheme: privatised looting?
Author(s) -
Clark Ian
Publication year - 2019
Publication title -
industrial relations journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.525
H-Index - 3
eISSN - 1468-2338
pISSN - 0019-8692
DOI - 10.1111/irj.12261
Subject(s) - looting , romer , bankruptcy , pension , harm , business , administration (probate law) , wage , finance , labour economics , economics , law , political science , cartography , geography
On entering administration, British Home Stores owed its pension scheme £571 million—a significant employment relations issue of historical wage theft by investor–owner managers. The article locates ‘lawful’ looting of business assets in a framework that builds on Ackerlof and Romer's theory of bankruptcy for profit and connects this to an empirical narrative on business re‐structuring at British Home Stores towards administration.