FASHION retailer Bank, which operates 84 stores and employs 1,555 staff, has gone into administration, Deloitte said today.

The struggling retailer was offloaded by JD Sports in November. A further sale is still possible and several parties have expressed an interested in buying the company.

All branches of Bank, which includes those in Darlington, Stockton, Middlesbrough, Sunderland, Newcastle and the Metrocentre, continue to trade. The retailer employs an estimated 120 staff in the North-East.

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.”

Bank recorded a pre-tax loss after exceptionals of £8.1m in the year ended February 1, 2014. It had gross assets of £51.7m at that date.