JD Sports offloads struggling fashion chain Bank
JD Sports has sold off its struggling fashion chain Bank to focus on its core sports business after the company suffered a loss of £8.1m in the year ended 1 February 2014.
It is hoped the sale, to subsidiary Hilco Capital, will result in a "substantial recovery" of inter company loans. The exact figure will be confirmed when the sale is completed.
Peter Cowgill, executive chairman, said: "We have decided that we must prioritise future investment in the pports fascias and consequently we believe that the sale of Bank is in the best interests of the group. We shall continue to support the broadest possible range of fashion brands within the group."
A further trading update will be issued in January.