The administrators of fashion retailer Bank have announced that 35 staff at its headquarters in Bury, Lancashire have been made redundant.
There have not been any redundancies in any of the retailer’s 84 stores, which are based primarily in the Midlands, North of England and Scotland. The retailer had 1,555 employees when it went into administration on January 5.
“While we continue to talk to interested parties about a sale of parts of the business, the company’s current cost base is not sustainable during the administration period and this has necessitated today’s redundancies at head office,” said Deloitte joint administrator and partner Bill Dawson.
Deloitte said on January 5 that it had received expressions of interest from “several” parties, and the administrators are trading the business as a going concern with a view to progressing these options.
Bank recorded a pre-tax loss after exceptionals of £8.1m in the year ended February 1, 2014. It had gross assets of £51.7m at that date.
No comments yet