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1,550 jobs at risk as Bury’s Bank Fashion goes into administration

Bank, the fashion store has appointed administrators just two months after being sold to JD Sports Fashion.

The company operate 84 stores across England and Scotland.

No redundancies have been announced yet and the stores will continue to be open for the time being however there is a potential risk to 1550 jobs.

The chain has been struggling with a pre-tax loss last year of £8.1 million.

Deloitte’s partners Bill Dawson, Daniel Smith and Paul Meadows have been named joint administrators for the Bury-based retailer.

Dawson 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 as a going concern with a view to progressing these options and seeking further interested parties for some or all of the business,” according to City AM

This was posted in Bdaily's Members' News section by Sophia Taha .