Bank Fashion enters administration marking 2015's first high street casualty
Bank Fashion has fallen into administration putting at risk a total of 1,500 jobs across the UK.
The announcement marks the first high street casualty of 2015, with the retailer’s 84 stores at risk of closure.
Bill Dawson, joint administrator at Deloitte, said: "Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years.
“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.
“A review of the business has determined that a solvent turnround would not be possible.”
He added that the group has had several offers from interested parties for the business.
To date, stores remain open, staff have been paid and discounts will be rolled out on stock throughout the week, according to Deliotte.
This comes after the firm was sold by JD Sports to turn around investment group Hilco Capital last November.