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.