Bench has fallen into administration, a procedure under the British legislation which is similar to bankruptcy in the U.S. In a statement, the fashion retailer said that the move will also affect the German service entities of Bench in Munich. Among the factors that led to the filing, the company mentioned the headwind in the British retail market, including the devaluation of the British pound, and a major logistics issue in 2016. Despite all the efforts, it was not possible to generate further liquidity, on either an equity or on a debt basis, the company said. As a result, there was no alternative but to go into administration. The procedure may put 176 jobs at risk within its U.K. branch and 170 jobs at risk in its German division in Munich, although employee redundancies have not yet been announced. Bench was founded in Manchester in 1989. The women's, men's and children's wear brand is owned by Emeram Capital, a private equity firm, which acquired it from Americana International in 2014.

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