Stevenage fashion store Bank goes into administration

Stevenage Town centre, Westgate shopping centre

Stevenage Town centre, Westgate shopping centre - Credit: Archant

A clothes shop in Stevenage town centre has gone into administration today, putting 14 jobs at risk.

The fashion chain store Bank, which has a branch in the Westgate Shopping Centre, is now being advised by business advisory firm Deloitte.

The town’s branch currently employs 14 people and for the mean time shops will continue to operate as usual.

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.”

He added that a number of parties have already expressed and interest in the business.

Bank is based in Bury, Lancashire and has 84 stores primarily in the Midlands, North of England and Scotland.

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It has 1,555 employees so far no redundancies have been made at this time.