TM Lewin to close all 66 stores
Around 600 people at TM Lewin will lose their jobs due to plans to permanently close all 66 of the shirt retailer’s stores. The news follows the company entering administration on Tuesday.
It will now be operating as online business as it looks to cut costs. The company has blamed the coronavirus crisis for its demise as it has been unable to afford to pay rents on stores since they closed in March due to the Covid-19 lockdown.
TM Lewin was acquired back in May by Torque Brands, a subsidiary of Stonebridge Private Equity. Stonebridge has bought back the brand’s assets, including the online business, in a pre-pack deal.
In a statement, the company said: “The Torque team has worked to assess all available avenues for the business model going forwards, but having done so, has formed the view that TM Lewin is no longer a viable going concern in its current format.
“The decision to significantly reduce the scale of the business in order to preserve its future will regrettably will result in job losses at TM Lewin, as a direct result of the closure of the store network as we right-size the business.”
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