TM Lewin shutters stores after tumbling into administration

The brand has been saved by owner Torque Brands, an investment vehicle for private equity firm Stonebridge, but the pre-pack deal did not include its 66 stores. Instead, TM Lewin will become an online-only retailer, as originally reported by The Daily Telegraph.

The retailer struggled to keep up with rent and other bills when its store estate was forced to close during lockdown. The formalwear brand has also been negatively hit by a lack of demand during the crisis, with offices closed and events cancelled.

The news comes after Torque acquired the retailer from investment company Bain Capital last month.

A TM Lewin spokesperson said: “This [crisis] has forced our hands to focus on a radical overhaul of the business model, rebuilding from the ground up in a fashion we deem fit for the years to come.

“We are committed to selling quality tailoring to a global audience, but crucially in a financially sustainable fashion.

“The decision to significantly reduce the scale of the business in order to preserve its future will regrettably result in job losses as a direct result of the closing of the store network as we right-size the business.”

TM Lewin is the latest in a string of brands to blame the ongoing coronavirus pandemic for collapsing into administration. Oasis and Warehouse, Laura Ashley and Cath Kidston have all made the decision to revert to online and shutter stores since non-essential retail was forced into lockdown in March.