JD Sports sells off struggling fashion arm Bank

JD Sports Fashion announced the sale of its struggling fashion arm Bank on Tuesday morning, as the group aims to focus on investing and improving its sportswear labels.

The holding company, which owns Ark, Cloggs and Scotts, has disposed of Bank to a subsidiary of Hilco Capital Limited, in a deal which should result in “a substantial recovery of its intercompany loan,” according to a group statement. JD Sports added that the exact amount would be confirmed once the sale was completed, “in due course.”