Ben Sherman’s new owners have hired industry veteran Simon Smith as chief restructuring officer to review the business and recommend changes and future strategy.
Smith is working full-time at the brand’s Clerkenwell HQ, where Mark Maidment continues as chief executive. Smith is expected to submit a report in the autumn.
For the past three years, Smith, whose career has included stints at Levi Strauss and World Design & Trade (Firetrap and Full Circle’s original owner), has worked as a restructuring specialist through his own company, Discern Consulting & Trade.
His clients have included Tesco and Clerys in Ireland.
He also worked with restructuring specialist Gordon Brothers, which is understood to have been involved in the deal that saw New York-based investment house Marquee Brands buy Ben Sherman from US owners Oxford Industries for around £41m three weeks ago.
The British heritage menswear brand made a loss of £7.3m on sales of £49m in the year to January 31.