FASHION retailer Bank, which has a large store in Blackburn, has become the first major retail casualty of 2015 after going into administration.

Bank, which occupies a unit in the Lord Square part of The Mall, has 84 stores nationwide.

Administrator Deloitte said that the Bank stores will remain open and that it has received expressions of interest from ‘several’ parties.

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They added that they are now running the fashion retailer, which employs 1,555 staff, including more than a dozen in Blackburn, as a going concern.

The Blackburn store is its only outlet in East Lancashire.

However, other nearby branches include Bolton, Preston, Bury and Middlebrook.

The chain of stores was founded by former Macclesfield Town footballer Andy Scott in 1994 and sells branded fashion aimed at younger customers.

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In 2007, the company was bought by JD Sports for £18.5m but was sold to venture capital firm Hilco last November after suffering excessive losses.

Hilco previously bought HMV after it too fell into administration.

Bill Dawson, joint administrator and partner at Deloitte, 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.

“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 of £8.1m in the year ended February 1, 2014.

Loraine Jones, general manager at The Mall Blackburn, said: “We are aware that fashion chain Bank has fallen into administration but further Details are yet to be confirmed about individual stores. We are hopeful that the one here in The Mall Blackburn continues to trade.”