Up to 1,500 jobs at risk as fashion chain Bank goes into administration

Staff at the Wakefield branch of Bank are among 1,500 workers at risk of losing their jobs after the fashion chain went into administration.

Tuesday, 6th January 2015, 10:17 am
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The struggling retailer, which has a store in Trinity Walk, is now in the hands of administrators.

All 84 branches of Bank are open as normal and no redundancies have been made yet.

Bill Dawson, joint administrator and partner in Deloitte’s Restructuring Services practice, said: “Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years.

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“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.”

Bank was founded in 1994 by Andy Scott, a former Macclesfield Town footballer.

It was part of JD Sports until November when it was sold to restructuring specialists Hilco Capital.

The retailer has more than 1,500 staff and their shops are mainly in Scotland and the North of England.