A closed TM Lewin store from the last time it faced administration
(Picture: Getty Images)TM Lewin, the shirt retailer popular with office workers, is set to enter administration for the second time in under two years, as people leave formal shirts in the closet post-pandemic.
The company is understood to be in the process of hiring administrators Interpath Advisory to ready the brand for a last ditch sale attempt. Sky News first reported the company was on the brink of administration.
TM Lewin last collapsed two years ago in June 2020, resulting in 600 redundancies and the closure of 66 of stores. Just seven weeks later it was bought by Stonebridge Private Equity through its retail arm Torque Brands.
Unsecured creditors — including suppliers, employees and landlords — were left £30.4 million out of pocket from the pre-pack administration, according to restructuring firm ReSolve Advisory
Renewed troubles for the brand comes as formal wear struggles in the post-pandemic era. Last summer Marks & Spencer cut back on men’s suits in the face of declining demand. Office workers who were forced to work from home due coronavirus were rejecting the smart wear staple. The high street retailer made a decision to stock suits in only 110 of its 254 clothing stores.
Earlier this week the Office for National Statistics (ONS) also dropped men’s suits from the basket of goods it uses to calculate inflation as they become less relevant.
Interpath was contacted by the Evening Standard, but declined to comment.
TM Lewin was founded in 1898 by Thomas Mayes Lewin who opened his first shop on London’s Panton Street and later moved to Jermyn Street. It was a supplier to the RAF and British Army during World War I and supplied ties for the London 2012 Olympic bid.
Competitors include Hawes & Curtis and Thomas Pink, which also shut down during the pandemic.
