The British fashion company has been sold in a pre-pack administration deal to BMB clothing Limited, however 100 employees are at risk of losing their job if several stores close.
Former owners, Marquee Brands, bought the fashion label just last year and will continue to own the brand while BMB operate the stores.
Ben Sherman has been a popular choice for celebrities since the 1970s, however has struggled financially of late.
A statement from Marquee said: Since its acquisition, Marquee was committed to making the future brighter than the past while safeguarding the iconic message and heritage of the Ben Sherman brand.
“Marquee remains very optimistic about the brand’s future and with this newly formed partnership, the opportunities for growth are limitless.”