Bench enters administration
Owned by private equity firm Emeram Capital since 2014, Bench has been trying to turnaround its business but has suffered due to difficult trading conditions, the devaluation of the pound and a declining market for its fashion segment.
The company said its 20 UK stores are to remain open for the time being although it also operates 15 stores in Germany where it employs an additional 170 staff.
Bench chief executive Barry Knight said the company had found it difficult to get back onto a sustainable financial footing and had been unable to generate further liquidity.
He added: “Our task now, together with the administrator, is to achieve the best possible outcome in this situation. Despite the company’s current challenges, we remain confident that the Bench brand can have a bright future.”
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