Bank Fashion Enters Administration

Bank Fashion has this afternoon entered administration, with the future of the store in Eagles Meadow at risk.

The fashion retailer which operates 84 stores and employs 1,555 staff nationally, has gone into administration.

The accountancy firm Deloitte have been appointed as administrators of Bank Fashion just six weeks after the chain was sold to a subsidiary of Hilco, a specialist retail investor.

In its statement, Deloitte partner and joint administrator Bill Dawson 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,” Mr Dawson added.

“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.”

The retailer also has a store up the road in Chester.

Pic: The store in Eagles Meadow just after the announcement.