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Bank announces first 20 store closures

Young fashion retailer Bank will close an initial 20 stores, following its collapse into administration.

The first 10 shops, in Stockport, Bury, Wolverhampton, Doncaster, Warrington, Edinburgh, Carlisle, Chester, Livingston and Cardiff, will close on February 22. A further 10, in Royal Leamington Spa, Dundee, Bristol, Wrexham, Middlesbrough, Romford, Inverness, Macclesfield, Stevenage and Llanelli, will close on March 1.

The remaining 64 Bank stores will continue to trade, as administrators from Deloitte continue to search for a buyer for the business. Deloitte is looking into whether employees from the 20 axed stores can be redeployed elsewhere.

Originally, Deloitte said all 84 stores would stay open until a buyer was found.

Several parties, including Little Mistress, Bestseller, Quiz and Foot Asylum, have expressed an interest in snapping up all or some of the collapsed retailer’s properties. Deloitte and estate agent Savills, which is handling the sale of Bank’s property portfolio, declined to comment on whether any deals have been signed.

Last month, 35 members of staff at Bank’s head office in Bury were made redundant.

The chain was sold by JD Sports to a subsidiary of Hilco Capital at the end of November last year and went into administration on January 5.

@jillgeoghegan 

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