Oxford to Seek Sale of Ben Sherman

Oxford Industries Inc. has taken Ben Sherman as far as it thinks it can. The company said late Thursday as it reported strong fourth-quarter results that it had elected to sell the British brand, acquired for $146 million in 2014, after a long struggle to return it to profitability. While Ben Sherman didn’t achieve an operating profit in either the fourth quarter or full year, the company managed to cut its losses substantially and return to sales growth in both the quarter and year. “Ben Sherman made great progress in 2014 and left the year with positive momentum, which we believe now positions it as an attractive acquisition target,” said Thomas Chubb 3rd, president and chief executive officer of the Atlanta-based Oxford Industries. “With the aim of achieving long-term value for our shareholders, we have concluded that the sale of Ben Sherman is the right course of action. We have initiated a sale process and expect a timely conclusion.” With Financo as its financial adviser, the company expects to complete the sale of the brand this year but has neither a specific timetable for doing so nor an assurance of a successful transaction. While Oxford has seen its acquisitions of Tommy Bahama and Lilly Pulitzer

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