British heritage brand Ben Sherman has a new owner—again.
Six months after the 53-year-old label was sold by Oxford Industries to Marquee Brands, a U.S. buyout group set up by private-equity firm Neuberger Berman, it’s been bought by its U.K.-based licensee BMB Clothing.
The move, reported by Drapers, is part of a pre-pack administration and comes after the revelation in December that the roughly 115 employees at the brand’s U.K. headquarters had been notified they were “at risk” of redundancy and would undergo a period of consultation while the company restructured.
Founded in 1963 and known for its slim-fitting button-downs and trousers, Ben Sherman is an iconic staple of British style, sported by mods, punks and skinheads over the years. Oxford Industries, which purchased the brand in 2004 for $146 million, announced in March that it would sell the business after it generated losses of $10.8 million in fiscal 2014.
Following the sale to Marquee for around 40 million pounds (roughly $57 million) last summer, a couple of long-term Ben Sherman employees left their posts, including chief executive and creative director Mark Maidment and Lindsay Dunsmunir, the brand’s chief operating officer and group finance director.
“Ben Sherman remains a uniquely classic British brand with a loyal following across five continents and a smartness that’s ageless. Its heritage, style and authenticity fits perfectly within Marquee’s growing portfolio,” Cory Baker, chief operating officer of Marquee Brands, said at the time. “Our plans to market and promote the brand across various lifestyle categories are well underway with new products and expanded retail coming to market as early as first quarter, 2016.”
In November, however, Sky News said Marquee had hired liquidation specialist Gordon Brothers to look into offloading a number of the brand’s 20-plus U.K. stores.