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Struggling fashion chain Bank enters administration

Struggling young fashion chain Bank has fallen into administration following its sale by JD Sports to a subsidiary of Hilco Capital at the end of November last year.

Bill Dawson, Daniel Smith and Paul Meadows of Deloitte have been appointed joint administrators for Bank, which is based in Bury, Greater Manchester.

Several parties have already expressed an interest in the business, which made a pre-tax loss of £8.1m in the year to February 1, 2014.

The retailer operates from 84 stores, primarily in the Midlands, North of England and Scotland, and has 1,555 employees. No redundancies have been made at this time.

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. 

“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 it as a going concern with a view to progressing these options and seeking further interested parties for some or all of the business.”

Drapers understands that JD Sports will honour all debts on deliveries made before December 25.

Readers' comments (6)

  • Shows that there are too many of these 'lower end of the road' chains without any special profile. Zaras, Next, River Island, Primark... are just too good. Suppliers be aware!

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  • Bank isn't fit for purpose. It is loss making and unnecessary. You wouldn't invent it if it didn't exist so I hope anyone isn't daft enough to throw money to try and revive this corpse.

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  • As an independent retailer who takes a keen interest in all clothing businesses I visited the local Bank shop to have a look at their offer late last year. Anyone in the retail apparel industry would have seen that Bank and companies like Stolen From Ivor just don't understand the modern consumer. It doesn't matter whether you trade at the value or premium end of the industry, the consumer wants a USP of either great service and product or unbeatable value and price, sadly businesses such as the above don't seem to understand these concepts and continue to trade 'like they've always done' with shops, stock and merchandising that was last in vogue in the 70's, 80's and 90's.

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  • With the amount of people still wearing branded clothing i think there is still a place for this type of retailer, just because the management of Bank had neither the experience or vision to connect with the youth market doesn't make the concept redundant. It just requires some switched on leaders rather than corporate clones.

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  • darren hoggett

    Little money and even less loyalty at the younger end of the market. Even though they have clearly been mismanaged, Bank was never realistically going to be turned around.

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  • As a supplier we worked with Bank for a while, we also work with most of the retailers mentioned above. For some reason we have a massive North, South divide, trends that are flying out in the South just do not cut it in the North, some of the towns are exceptions eg Newcastle etc especially the University towns. That said i do believe that there was room for Bank, the buying floor/design had talent but we saw product watered down time and time again, the young customer wants choice, now days with the demise of the Indi for directional young fashion they are left with RI, Topman/Topshop/Asos and i'll throw New Look and Primark into the hat as well. So the choice for any youngster Up Norf these days is diminishing, Sports Direct and JD domination, so everyone walking round in race to the bottom clothing, the Walmart Look, nice.

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