Ailing retailer Storehouse, which operates the Bhs and Mothercare store chains, has sold the stock in nine of its Bhs outlets to a US discount retailer and handed the day-to-day management of the stores to the American Gordons group.
The complex and unusual deal, which it is understood was struck last November but not disclosed, covers six stores and three Bhs For Less factory outlets in locations from London to Lancashire.
A company official said the deal had been done after Bhs announced it was to put food halls into its stores - which will be operated by Iceland - and reduce its clothing ranges. It also announced it would close 60 Bhs outlets.
Gordons has bought the excess stock and is selling it at reduced prices through the nine outlets. It is also managing the stores, which will eventually be closed - but in the meantime they are still operating under the Bhs fascia.
The deal will have raised cash for Storehouse, but Gordons is understood to have purchased the stock at a huge discount. The Bhs official said that under stock exchange rules the deal did not have to be disclosed because "it was a revenue transaction".
News of the deal came as a surprise to retail sector analysts. One said: "It either means they are trying to clear the decks ahead of the sale of Bhs or they realise they can't sell Bhs and they are having to slowly liquidate it."
Storehouse announced at the end of last month that it was in talks with several parties which could lead to an offer for the group or either of its businesses, Bhs and Mothercare.
On March 3, Iceland confirmed it was among those interested in buying the Bhs division but it is understood the supermarket group did not submit a bid by the March 7 deadline.
Discount retailer Brown & Jackson, is also said to be interested.
Yesterday Storehouse shares finished unchanged at 45p.
