THE REDDITCH branch of a national fashion retailer could be at risk after administrators were called in.
Deloitte announced today (Monday) they had been appointed joint administrators to Bank Fashion Limited, which has a store in the Kingfisher Centre.
The chain has 84 stories, primarily in the Midlands, north of England and Scotland, and has 1,555 employees including 12 in Redditch. No redundancies have been made at this time.
Joint administrator Bill Dawson said Bank had struggled in a highly competitive part of the retail industry and had been loss-making for a number of years.
A review of the business had determined a ‘solvent turnaround’ would not be possible so the director had appointed Deloitte.
“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.”