UK high street fashion retailer Bench has announced that its fallen into administration.
Founded in Manchester in 1989, the brand has filed an application to appoint administrators, putting 176 jobs across the UK at risk.
There will also be an additional 170 jobs at risk in its German operations.
Bench chief executive Barry Knight said in a statement: “We have been provided with further capital by our owner on several occasions to invest in new stores and employees, but we weren’t able to get the company onto a sustainable economic footing,”
“We faced a lot of headwind due to the devaluation of the British pound, the competitiveness and the declining market in our fashion segment.
“Ultimately, it was not possible for us to generate further liquidity for the company, on either an equity or on a debt basis. As a result, we have no alternative but to go into administration.
“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.”
It is understood, for now, that Bench’s 20 UK stores and 15 German stores will remain open and operate as usual with no staff cuts yet announced.