It’s thought that over 1500 highstreet jobs are now at risk as administrators Deloitte have confirmed that UK fashion retailer ‘Bank’ have collapsed and are in administration.
The Bury based company has 1,555 employees at present and it is hoped that a buyer may be found to take on the loss making brand. Deloitte confirmed a team of its restructuring experts had been appointed as joint administrators and they are currently analysing the company’s options. They’ve also confirmed that there are to be no redundancies at this point in time and that high street stores will be continuing to trade as normal.
“Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years,” said Bill Dawson, of Deloitte.He continued to say that he believed that at this stage a solvent turnaround was not possible for the UK retailer. Bank has been no stranger to financial stress in recent times – it was sold in November last year to turnaround specialists Hilco with the expectation that they could turn Bank’s fortune’s around. However there could still be hope for current employees as the search for a buyer of the company’s assets continues.
“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,” Dawson said. “All stores are open as normal, staff have been paid and additional sale discounts will be implemented later this week.”