Former Thomas Cook chief executive Harriet Green is reported to have been approached about heading BHS following the high street chain’s sale by Sir Philip Green.
Green has held initial discussions with Retail Acquisitions, a vehicle established to acquire high street assets, about becoming chairman of BHS, according to Sky News.
No deal has been agreed and Retail Acquisitions Limited is understood to be talking to a number of other candidates about the role.
BHS, which trades from 171 stores, has struggled in recent years, making a string of substantial losses amid intense price competition from rivals.
If Green takes on the role, it would mark a high-profile return to British business - albeit under private ownership - several months after her sudden departure from Thomas Cook.
Sir Philip, who controls brands such as TopShop and Dorothy Perkins, said he was "confident that Retail Acquisitions Limited have a platform to grow the business and return it to profitability".
Retail Acquisitions is backing the existing BHS management team, a statement added.
Chairman of business Keith Smith said: This is a fantastic opportunity to breathe new life into this iconic British high street brand.
"We are convinced that with strategic and focused support we will return BHS to profitability, and safeguard the workforce.
"By backing the existing management and investing in their plan, we are confident that we can build upon many of the initiatives already in place,"
He added that a new chairman for BHS "with significant retail experience and further retail turnaround experts [will be appointed] in due course”.
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