High street retailer BHS has collapsed into administration, putting 11,000 jobs at risk and threatening the closure of up to 164 stores.

It is the biggest retail failure since Woolworths went bust in 2008. 

The home, lighting, furniture and clothing store, which has 164 branches, including at Mallard Road Retail Park in Bournemouth and the Dolphin Shopping Centre, has been unable to find £60million of emergency funding, said the administrators, Duff and Phelps.

In a statement, administrators Duff & Phelps said: "The group (BHS) has been undergoing restructuring and, as has been widely reported, the shareholders have been in negotiations to find a buyer for the business. These negotiations have been unsuccessful.

"In addition property sales have not materialised as expected in both number and value. Consequently, as a result of a lower-than-expected cash balance, the group is very unlikely to meet all contractual payments.

"The directors therefore have no alternative but to put the group into administration to protect it for all creditors. The group will continue to trade as usual whilst the administrators seek to sell it as a going concern."

The company's owner, Dominic Chappell, said he will continue to work with the administrators to "find a solution post the administration".

He also said "no-one is to blame" for the collapse.

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."

Shoppers have spoken of their shock at the news.

Gina Lourens, 54, from Southbourne, said: “I am quite shocked. It is one of Britain’s oldest established shops. I always pop in as they always have something different and at Christmas, they have all the little niknaks. It’s a shame. Everything seems to be shutting down when we think it’s on the up.”

Christine Burridge, 68, from Charminster, said: “I don’t go in there much but I like to have a look around. If BHS closes, it doesn’t really bother me, but I’d be upset about Beales. I came to the shop as I wondered if they had any reduced items.”

Lynn Roberts, 56, from West Moors, said: "I don't buy their clothes as they're old fashioned but their homeware is beautiful. I will miss it if it goes. There's certain things that you just can't buy online. I think it will be a sad world if all the shops close and everybody shops online instead."

Elaine Squire, 60, from Boscombe, said: "The Bournemouth branch is a very good store and if it closes, it will affect all the others in the retail park. I live in Boscombe and I know that when TJ Hughes closed, the other shops just don't draw people in the same anymore."

BHS was bought last year by a consortium called Retail Acquisitions, headed by Mr Chappell, for £1 from retail entrepreneur Sir Philip Green, the owner of the Arcadia retail empire.

BHS has debts of more than £1.3 billion, including a pension fund deficit of £571 million, which proved a major stumbling block in last-ditch rescue talks over the weekend.

Rival retailer Sports Direct is understood to want to some of BHS's 164 stores, but will only do so if it does not have to take on any pension liabilities.

Sir Philip is reported to have offered £80 million towards the cost of BHS pensions, though the regulator could still pursue further payment from the retail billionaire.

Sir Philip bought BHS for £200 million in 2000.