Tue, 25th November 2014

JD Sports to sell Bank

JD Sports has revealed it is to sell its ailing high street fashion retailer Bank.

A subsidiary of investor Hilco Capital has agreed to buy the company from the Bury-based group.

JD said the deal would result in a "substantial recovery" of its intercompany loan.

Bank reported a loss after exceptionals and before tax of £8.1m for the year to 1 February 2014.

Executive chairman Peter Cowgill said "We have decided that we must prioritise future investment in the sports fascias and consequently we believe that the sale of Bank is in the best interests of the group.

"We shall continue to support the broadest possible range of fashion brands within the group."

In recent years, Hilco has acquired HMV out of administration and assets of photography business Jessops with Dragons' Den star Peter Jones.

Earlier this month, JD asked landlords to reduce rents on some of its Bank stores.

category North West  |  source Insider Media