Bill Dawson, Daniel Smith and Paul Meadows of Deloitte, have today been appointed Joint Administrators to Bank Fashion. Based in Bury, Lancashire, Bank operates from 84 stores, primarily in the Midlands, North of England and Scotland and has 1,555 employees. The business was sold in November 2014 to restructuring specialist Hilco.
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.”