LK Bennett, the British shoe and apparel retailer and wholesaler, has filed for judicial administration, a British form of bankruptcy, after failing to find a new investor who is willing to take over the company as well as its debt. Ernst & Young will oversee the administration process, with five of the company's 39 stores in the U.K. said to be shutting down. As of last June, LK Bennett had 130 stores around the world that made up about 60 percent of the total turnover. About 33 percent came from e-commerce and 6 percent from the wholesale segment. Linda Bennett, who founded the company in 1990, had sold it to two private equity firms in 2008, but bought back the business 18 months ago.