Ben Sherman rescued in pre-pack deals
British retailer Ben Sherman announced on Monday a strategic partnership between Marquee Brands, which acquired the company in July last year, and BMB Clothing /The Baird Group, in a pre-pack administration deal that will allow it to keep the majority of its UK stores open. Only three shops will be closed in the coming months, said the brand.
According to a statement, Ben Sherman’s e-commerce and wholesale sector will be transferred to Leeds-based BMB Clothing, which will also take 35-40 staff from the Ben Sherman UK head office to ensure optimal continuity of the business.
Additionally, the iconic British brand said its German wholesale and retail business will be taken over by a new undisclosed Germany-based licensee, who will also manage the brand in the Netherlands, Austria and Switzerland.
Ben Sherman was bought by New York-based Marquee Brands last year and has since undergone a period of business review and ultimately a period of employee consultation which remains on-going. Over the last months, the retailer was supported by Gordon Brothers Europe, which oversaw its operational restructuring process.
“Marquee remains very optimistic about the brand's future and with this newly formed partnership, the opportunities for growth are limitless,” read a company statement. “Marquee looks forward to unlocking this brand's true potential as specialized territories and categories will be managed by best in class local partners.”
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