Following its sale by JD Sports to a subsidiary of Hilco Capital at the end of November 2014 (read our previous coverage here), British young fashion retail chain Bank has fallen into administration.

Bill Dawson, Daniel Smith and Paul Meadows of business advisory firm Deloitte have been appointed joint administrators to Bank, which is based in Bury, Lancashire.
For the time being, Bank’s 84 UK stores remain open as usual. Bank employs 1,555 members of staff.

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