There are growing hopes that most of the 11,000 BHS jobs will be saved as administrators received "multiple" offers for most or all of the retailer's business.
Potential bidders had until 5pm on Tuesday to submit their offers, which are now being considered by creditors.
According to the BBC, there are a number of parties interested in buying the entire BHS business. These include Sports Direct, Edinburgh Woolen Mill and property owner Yousuf Bhailok. IKEA and discount retailer B&M Bargains are understood to be interested in part of the business.
BHS filed for administration in April after its owners, Retail Acquisitions, failed to secure £100 million to fund a turnaround plan.
With a £571m pensions deficit, the pensions regulator and MPs will now investigate exactly what happened at BHS and how it was allowed to get to this point. Sir Philip Green, the owner of brands like Topman, Burton, Topshop, Miss Selfridge and Dorothy Perkins, sold BHS last year for just £1. He is one of the individuals who will be brought before MPs for questioning.
Sparking a war of words, some MPs on the committee have called for Sir Philip to be stripped of his knighthood if he refuses to return hundred of millions of pounds worth of dividends he received from BHS. Hitting back, the billionaire retail tycoon called of an inquiry into the committee chair over his comments.