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JD Sports sells Bank

JD Sports has sold its young fashion business Bank to a subsidiary of Hilco Capital and will focus instead on its sports fascias.

The retailer said the deal would recover a “substantial” amount of its inter-company loan. The amount will be confirmed in due course.

Bank recorded a pre-tax loss of £8.1m in the year to February 1 and had gross assets of £51.7 million at that date.

Peter Cowgill, JD Sports executive chairman, said: “We have decided that we must prioritise future investment in the sports fascias and consequently we believe that the sale of Bank is in the best interests of the group.

“We shall continue to support the broadest possible range of fashion brands within the group.”

Readers' comments (7)

  • If J.D had any degree of nous, they would of never bought Bank in the first place. What were they thinking?

    Hilco are asset strippers, though not quite sure what they see here.

    Simply if Bank didn't exist, you wouldn't invent it.

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  • Suppliers it's time to be worried!!
    I would be surprised if Bank survived to the end of Jan now.

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  • Goodbye suppliers' money...when they go into administration I suggest Drapers follow the money and expose how and where it ends up!

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  • they would never HAVE bought it. OF is not a verb

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  • Get ready for the mass discounting ,they will make USC SMILE THAT'S FOR SURE!
    Maybe one day some one will explain why people like JD come into the Menswear Industry when they don't have a clue. Keep smiling Mr ASHLEY your team make money !!

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  • The smallest surprise of the year, crap product, generic marketing, no engagement with their customers and totally reliant on copying the rest of the high street. What a huge difference bringing in Gwynn Milligan and the old Republic staff didn't make.

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  • Think they got what the deserved, HOPE ALL THE SUPPLIERS GET PAID IN FULL!

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