Fashion brand Bench Limited, which has around 20 stores in the UK and an international online presence, has filed for administration.
Bench filed its application on Saturday, citing the tough UK retail market and a “major logistics issue” in 2016 for its woes.
The firm, which is currently managed on an interim basis by Retail Restructuring, said the insolvency process will also impact its services division based in Munich, Germany.
Chief executive Barry Knight said: “Everyone at Bench has worked tirelessly to achieve the turnaround of the business.
“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.”
Knight added that the business faced strong headwinds as a result of the devaluation of sterling.
“Ultimately it was not possible for us to generate further liquidity for the company, on either an equity or debt basis. As a result we have no alternative but to go into administration,” he said.
However, Knight remains confident that the Bench brand can have a “bright future”, describing it as marketable in the UK, Germany and internationally.
“Our task now, together with the administrator, is to achieve the best possible outcome in this situation,” he said.
Bench was founded in Manchester in 1989 and is best known for its iconic hoodies.