High street retailer Bank Fashion enters administration – report

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The fashion chain, which was previously owned by JD Sports, has lined up accountancy firm Deloitte as administrator, Sky News said.

The move comes just six weeks after it was sold to a subsidiary of specialist retail investor Hilco, it added.

In a report on its website, Sky News quoted a statement from Deloitte Partner and Joint Administrator Bill Dawson, which said that the retailer has struggled in a highly competitive environment 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,” Dawson is quoted as saying.

However, a potential takeover could yet save Bank and several parties have already expressed interest in the business, Dawson’s statement added.

Bank’s 84 stores remain open as normal and staff have been paid.

Source Article from http://www.standard.co.uk/business/business-news/high-street-retailer-bank-fashion-enters-administration–report-9958624.html

January 6, 2015 |
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