Bank enters administration
High street fashion retailer Bank has gone into administration putting 1,500 jobs at risk.
The Lancashire based business, which operates 84 stores, was sold by JD Sports Fashion to retail turnaround specialist Hilco Capital last November. However, yesterday the firm appointed Deloitte as administrator.
All stores are opening as usual and to date there have been no redundancies.
In a statement, joint administrator Bill Dawson said: “Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years. A review of the business has determined that a solvent turnaround would not be possible and so its director has sought the appointment of joint administrators. All stores are open as normal, staff have been paid and additional sale discounts will be implemented later this week.“
Deloitte said the company has already been approached by several parties who have expressed an interest in the business. Dawson added: “The administrators are trading as a going concern with a view to progressing these options and seeking further interested parties for some or all of the business.”
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