By Daniel Hunter

Fashion retailer Bank has entered administration, putting 1,500 jobs at risk.

Deloitte was appointed as administrator of the loss-making retailer on Monday.

Bank's 84 stores, which are primarily located in the Midlands, the North and Scotland, are continuing to operate as normal and no redundancies have yet been made, Deloitte said.

“Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years,” said Bill Dawson, one of the administrators.

Bank was sold by sports fashion retailer JD Sports to turnaround specialists Hilco in November 2014.

Hope

Deloitte is hopeful that a buyer can be found quickly, with several parties already expressing interest in making an offer for Bank.

“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,” Mr Dawson said.

“All stores are open as normal, staff have been paid and additional sale discounts will be implemented later this week.”

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