British heritage brand Ben Sherman has been put on the chopping block by its Atlanta-based owner, Oxford Industries.
The news came Thursday following Oxford Industries’ quarterly results. Despite reporting fiscal fourth-quarter net income that surpassed Wall Street estimates, the company announced it would pursue the sale of its Ben Sherman business, which hasn’t performed as strongly as its other brands, including Tommy Bahama and Lilly Pulitzer.
Founded in 1963 and known for its slim-fitting button-downs and trousers, Ben Sherman generated $77.5 million in sales and a loss from operations of $10.8 million in fiscal 2014, compared with sales of $67.2 million and a loss of $13.1 million the previous year.
“Ben Sherman made great progress in 2014 and left the year with positive momentum, which we believe now positions it as an attractive acquisition target,” the company said in a corporate statement, adding that it’s hired Financo Ltd. for the sale process and expects a “timely conclusion.”
Oxford Industries purchased Ben Sherman in 2004 for $146 million. In 2010, it discontinued the brand’s womenswear and childrenswear collections.