Bench is set to be resurrected after US investment company Gordon Brothers bought all of its intellectual property assets.
The streetwear brand, which was founded in Manchester in 1989, fell into administration in April, threatening 340 staff across 80 branded stores.
Gordon Brothers has now bought the insolvent retailer and has said it will rebuild its online presence across Europe as well as its wholesale operations.
It will also continue Bench’s longstanding partnership in the US with Freemark Apparel Brands Group, which operated its ecommerce, retail and wholesale business.
“Streetwear has never been hotter than it is today,” Gordon Brothers’ brands division president said Ramez Toubassy said.
“We are excited to be able to acquire an authentic pioneer in the category and bring our thoroughly modern branding, marketing and business model to bear in re-establishing Bench as a streetwear powerhouse.”
In April, Bench’s chief executive Barry Knight said: “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.”
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