Business

Bank fashion chain in administration

woman with sale bag Image copyright Thinkstock

High Street fashion chain Bank has fallen into administration, putting 1,500 jobs at risk.

"A review of the business has determined that a solvent turnaround would not be possible," said Bill Dawson from Deloitte, which has been appointed as administrator.

The chain, which has 84 stores and 1,555 employees, has been loss-making for a number of years, Mr Dawson said.

It was sold by JD Sports to investment firm Hilco Capital in November.

Bill Dawson, joint administrator at Deloitte, said the company had already been approached by several parties who had expressed an interest in the business.

"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," he added.

Deloitte said all stores were open as usual and staff had been paid and no redundancies had been made.

Bank was founded by Andy Scott - a former Macclesfield Town footballer - in 1994, and focuses on branded fashion items aimed at the youth market.

It is based in Bury in Greater Manchester.


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