Bank has become synonymous with high street fashion and is a well established brand. However around 1,500 jobs have been put under risk due to its recent collapse. Administrators Deloitte has stepped in while the company sorts out its finances and the news has come at the worst possible time. The company has blamed discounted prices in store and surging interest in online sales, this has created a perfect storm and has ultimately led to the demise of the fashion retailer.
The company only changed hands from JD Sports six weeks ago and was sold to turnaround specialists Hilco, but Hilco have also failed to turn the tide. Some speculators believe that Bank was no longer considered as a viable asset for the JD group and that it would be better suited in the hands of the investors. It’s a great shame to see another casualty of the British high street, but in uncertain times like these, other companies could be vulnerable in this climate.