Deloitte appointed administrators at fashion chain Bank
Deloitte appointed joint administrators to loss-making business after review finds that a "solvent turnaround would not be possible".
ADMINISTRATORS from Deloitte have been appointed to high street clothing chain Bank Fashion, which has collapsed into administration putting more than 1,500 jobs at risk.
Bill Dawson, Daniel Smith and Paul Meadows of Deloitte were appointed joint administrators to loss-making business after a review found that a “solvent turnaround would not be possible”.
“Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years,” said Dawson.
Dawson said the company had already been approached by several parties who have expressed an interest in the business. “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 said.
The chain, which is based in Lancashire, operated from 84 stores, primarily in the Midlands, North of England and Scotland and has 1,555 employees.
Deloitte said all stores were open as normal, staff had been paid and additional sale discounts will be implemented later this week.
Bank was sold by JD Sports to investment firm Hilco Capital in November.