Bank Fashion insolvency puts 1,500 jobs at risk
FASHION chain Bank, sold in November by North West retailer JD Sports, has become the first retail casualty of 2015.
The loss-making chain, which was acquired for an undisclosed sum by turnaround specialist Hilco, has appointed three partners from Deloitte in Manchester as its administrator.
Bank has 84 stores, primarily in the Midlands, North of England and Scotland. Its headquarters are still listed as Bury, at the offices of JD Sports, although Hilco is based in London. It has 1,555 employees but no redundancies have been made at this time.
The business was founded by former Macclesfield Town footballer Andy Scott in 1994. The stores will continue to trade and the administrators say several parties have expressed an interest in buying the chain.
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. The company has already been approached by several parties who have expressed an interest in the business and 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.”
