Retail tycoon Philip Green's greed and disregard for corporate governance led to the
Billionaire Green owned BHS for 15 years before he sold the loss-making chain of 180 stores to Dominic Chappell, a serial bankrupt with no retail experience, for one pound last year.
It went into administration in April, and all remaining 114 stores are due to close in the next four weeks.
The business was sold with a 571-million-pound ($748.58 million) hole in its pension fund, which if not rectified will leave 20,000 pensioners facing significant reductions to their income.
"(Green's) rush to drive through the sale of BHS - a chain that had become a financial millstone and threatened his reputation - was the culmination of a sorry litany of failures of corporate governance and greed," said the Work and Pensions and Business Committees in a statement on Monday.
The lawmakers said Green, Chappell, company directors and assorted advisers all got richer or rich from the part they played in the failure of BHS, with the only losers being the ordinary employees and pensioners.
"One person, and one person alone, is ultimately responsible for the collapse of BHS," Work and Pensions Committee chair Frank Field said in the statement.
"His reputation as the king of retail lies in the ruins of BHS. His family took out of BHS and Arcadia a fortune beyond the dreams of avarice, he's still to make good his boast of 'fixing' the pension fund."