Monday, 5 January 2015

Bank Fashion in trouble

Deloitte statement:

Deloitte appointed administrators to Bank Fashion Limited

Bill Dawson, Daniel Smith and Paul Meadows of Deloitte, the business advisory firm, have today been appointed Joint Administrators to Bank Fashion Limited (Bank).

Bank is a fashion retailer based in Bury, Lancashire.  It operates from 84 stores, primarily in the Midlands, North of England and Scotland and has 1,555 employees.  No redundancies have been made at this time.

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."

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