Fashion shop first casualty of 2015

News story
News story

SCORES of Wigan jobs are under threat after the surprise crash of one of Wigan’s major retail giants.

Clothing store Bank, based in the Grand Arcade Shopping Centre, has been put up for sale after being put into protective administration after becoming bogged down in a cash-flow crisis.

This comes after it was sold by JD Fashion Sports to restructuring specialist Hilco at the end of November last year.

As the first casualty of 2015, administrator Deloitte said that all 84 Bank stores will remain open.

It added that no redundancies have been made as it considers potential offers from interested parties.

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.”

The company, which sells both mens and womens branded fashion items, was founded by Andy Scott - a former Macclesfield Town footballer - in 1994. It recently slumped to a half-year loss of £8.2 million.