HARINGEY MPS are “deeply worried” a department store going into administration will result in numerous job losses.

Administrators Duff and Phelps announced this morning they will try to find a new buyer for British Home Stores, which has been trading for 88 years, including the BHS store in Wood Green.

The firm has collapsed after failing to secure £100m in support to help pay wages and remain open.

If it is not taken over by new management, the chain could face closure, meaning 11,000 people will lose their jobs across the country.

Catherine West, MP for Hornsey and Wood Green, admitted there could be “large scale” harm to people’s jobs if there is no new buyer for the company.

She said: “The news that BHS has filed for administration is deeply worrying. I do hope that a new buyer for the company can be found to ensure we do not see large scale job losses.

“I have already made an urgent representation to Sajid Javid, the Secretary of State for Business Innovation and Skills and Anna Soubry, the Minister for Business, urging them to support negotiations to find a buyer, as it would be a real tragedy to lose a store that has served our community for decades.”

David Lammy, MP for Tottenham, raised concerns about the number of job losses in Haringey, as he believes it could potentially result in people losing out on their pension schemes.

He said: “I sincerely hope that BHS is able to find a buyer in the coming days as it would be a real shame for Wood Green to lose another large department store so soon after Marks and Spencer closed its doors on the High Road.

“The real tragedy here is that local people will end up losing their jobs, but BHS also has to face up to the serious concerns about its significant pension deficit.

“Many members of the firm’s pension schemes will end up receiving a cut to their entitlements if, as expected, the Pension Protection Fund is forced to bail out BHS’s pension schemes.”

Sam Moodie, a spokesman for Duff and Phelps, said the group had been “unsuccessful” in finding new buyers for the business.

He said: “The Group 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.”

Mr Moodie added low sales had also contributed to the decision to put the business into administration.

He said: “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. Further announcements will be made as appropriate in due course.”

BHS has been contacted for comment.