The struggling fashion retailer is part of Arcadia Group, which owns brands including Topshop and Miss Selfridge.
A new buyer is reportedly set to be announced for the 190 store chain over the coming days.
The struggling department store , up from a loss of £19.3m in the previous year.
The department chain hires12,000 staff and recently attempted to with new venture, BHS Food Store.
Green bought the retailer in 2000, for £200m but the department chain has struggled, especially in the face of competition from budget clothing chains including Primark.
According to reports, a number of retailers are discussing the possibility of taking individual BHS stores as part of the sale, as well as several retailers and private equity firms.
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