Tue, 06 Jan 2015 | ADMINISTRATION
Bank, the high street fashion chain, has collapsed into administration, it has been confirmed.
The clothing chain - which was founded in 1994 by former Macclesfield Town footballer Andy Scott - focuses on branded fashion items and appeals to the youth market. Its administration has put 1,555 jobs across 84 stores, located mainly in the Midlands, northern England and Scotland, at risk.
According to Bill Dawson from Deloitte, one of the appointed administrators, the firm has been making a loss for several years. "A review of the business has determined that a solvent turnaround would not be possible," Mr Dawson told the BBC.
The business - which is headquartered in Bury, Greater Manchester - was sold to investment firm Hilco Capital in November of last year by JD Sports. A price of £18.6 million had been paid by JD Sports when it purchased Bank in 2007. The sports brand confirmed that Bank had made a loss of £8.1 million in the year to 1 February 2014 and, as of that date, had gross assets of £51.7 million.
Mr Dawson went on to say that several interested parties had already shown an interest in purchasing the business: "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."
Currently, all Bank stores are trading as normal and no redundancies had been made, the administrators said.
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