Scottish jobs under threat after retailer Bank Fashion
Scottish jobs under threat after retailer Bank Fashion calls in administrators
Scores of Scottish jobs are under threat after retailer Bank Fashion called in administrators.
The fashion chain, which has 13 outlets in Scotland of an 84 store chain employing around 1,500 people in total, have appointed big four accountancy firm Deloitte as administrators.
Bank Fashion was acquired from JD Sports Fashion last November by turnaround specialist Hilco, reportedly for £1.
Most recent accounts for the 2014 year to February show the company had booked pre-tax losses of £8.1 million.
The appointed administrators said they have already received some expressions of interest for the business.
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.”
Dawson added: “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.”
Bank Fashion has Scottish outlets in Glasgow's Buchanan Galleries, Braehead, Fort and Silverburn shopping centres, and in Edinburgh's Fort and and St James Centre alongside outlets in Clydebank, Dundee, Inverness, Ayr, East Kilbride, Livingston and Falkirk.