BusinessBusiness RecoveryDeloitte appointed administrators at fashion chain Bank

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".

Deloitte appointed administrators at fashion chain Bank

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.

Related Articles

SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

11m Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer
FRP Advisory sells Harland Machine Systems to Accraply Europe

Accounting Firms FRP Advisory sells Harland Machine Systems to Accraply Europe

1y Richard Crump, Writer
CVR Global sells DMG Steelworkers out of administration in pre-pack deal

Accounting Firms CVR Global sells DMG Steelworkers out of administration in pre-pack deal

1y Richard Crump, Writer
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
Big Four insolvency specialist joins Gibson Hewitt

Business Recovery Big Four insolvency specialist joins Gibson Hewitt

1y Richard Crump, Writer
Cowgill Holloway concludes sale of film distributor Metrodome

Accounting Firms Cowgill Holloway concludes sale of film distributor Metrodome

1y Richard Crump, Writer