Matt Turmaine is a Labour cllr in Watford and writes a monthly column for the Observer.

On Wednesday, BHS in Watford brought down the shutters and closed the doors for the last time.

The retailer’s remaining stores follow suit this weekend and 88 years of history comes to an end.

Its fate is truly a tragedy. Experts who initially said its demise was because it was fuddy-duddy and unfashionable fell silent as the nation learned just what had really caused its downfall.

We’ve all watched the horror show unfold on TV and in the papers. Any business suffering from ‘opaque’ financial management would struggle. BHS is reported to have seen Sir Philip Green rewarded handsomely – he and his family collecting £586 million in dividends, rental payments and interest on loans during his 15-year tenure at the helm.

Last year, when it was off-loaded to Retail Acquisitions Limited headed by former bankrupt, Dominic Chappell who had no High Street experience, he claimed that BHS was in a “sound financial position”. So why exactly then did he part with it for just £1?

Could it have had something to do with the firm’s £571 million pension deficit?

If Sir Philip, sunning himself on his yacht, doesn’t “sort” it as promised, then we taxpayers will pick up the bill instead.

The financial bleed of BHS didn’t stop with the sale. Chappell reportedly extracted over £2.5 million in 13 months and additionally a £1.5 million interest-free loan was provided to pay off the mortgage on a family home.

Meanwhile, day after day, staff flogged their guts out trying to make things work. What poor reward for their loyalty and that of millions of customers.

Sir Philip Green, branded the “unacceptable face of capitalism” by MPs and Chappell have a lot to answer for.

We, as shoppers all have less choice and the 11,000 BHS staff, no job. A scandalous situation.