High street fashion retailer ‘Bank’ has fallen into administration, putting 1,500 jobs at risk.
All stores remain open as normal and no redundancies have been made, but hard times have hit the retailer that was sold by JD Sports to investment firm Hilco Capital November.
The failure comes just days after the Christmas Eve collapse of City Link, which was also owned by a financial firm specialising in turning around troubled firms.
Bill Dawson one of the appointed administrators from Deloitte gave the following statement:
“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.“
Bank was founded by Andy Scott, a former Macclesfield Town footballer in 1994, and focuses on branded fashion items aimed at the youth market. The firm’s headquarters are based in Bury in Greater Manchester and has 84 stores that are primarily located around the Midlands, North of England and Scotland.
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.
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