Milton Keynes clothes store goes into administration

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A Milton Keynes clothes store could close after the business was put in administration.

Bank, a men and women’s branded clothing shop with 84 branches, went into administration today with Deloitte appointed joint administrators. MK has a branch in Midsummer Place, while the firm employs over 1,500 staff across the UK.

All shops are continuing to operate as normal, including their store in the Howgate Centre, and Bill Dawson, joint administrator and partner in Deloitte’s Restructuring Services is hopeful a buyer will be found.

He 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.”

Mr Dawson added: “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 was part of JD Sports until November when it was sold to restructuring specialists Hilco Capital.