Clothing retailer Bank has fallen into administration following its sale to restructuring specialist Hilco at the end of November last year.
Administrator Deloitte said that all 84 Bank stores will remain open. Deloitte said it has already received expressions of interest from “several” parties and is running the retailer, which employs 1,555 staff, as a going concern.
JD Sports Fashion sold Bank in November and said it would focus on investing in its sports fascias instead.
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.”
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.