British heritage brand Ben Sherman has put all of its job roles - thought to be 115 in total - into consultation as it seeks to restructure.
BSGL 1963 Limited, which trades as Ben Sherman and was sold to US firm Marquee Brands for £41m in July, entered into consultation with its employees today, as it began talks on a new licence deal.
The process will run until the end of January, during which time Ben Sherman will continue to trade as normal.
It is not yet known how many roles could be affected. More details are expected to emerge in January.
In the meantime, the brand has launched a review of its retail network on a store-by-store basis. It has 20 stores in the UK and Europe, many of which are thought to be loss-making.
For the year to January 31, sales at Ben Sherman were up 26.6% to £49m. However, it made a full-year loss of £7.3m, down from £8.8m the year before.
Ben Sherman has begun talks on a deal to license out its core line to BMB Clothing. BMB already holds the licence for Ben Sherman’s formalwear range, while Flyers Group has the licence for its kidswear and 33 Joints for its footwear.
“As is standard procedure in this situation a consultative process will now be undertaken, as well as a full review of the impact this has on the business and the direction of the brand in the future,” Ben Sherman said in a statement.
Oxford Industries sold the business to Marquee Brands, a New York-based brand acquisition and licensing company backed by US investment manager Neuberger Berman, in July.
Simon Smith was brought in as chief restructuring officer in August and became interim chief executive a week later, replacing Mark Maidment.