TM Lewin has collapsed once again and this is the second time in the past two years. This resulted in risk to about 100 employees. They may lose their jobs or get underemployed. It is yet to be understood. But the company failed to pay the lenders.
The business of upmarket shirt manufacturer was mainly devastated by the COVID-19 pandemic lockdowns and the shift of lifestyle away from formal wear has led to a struggle.
TM Lewin was established in 1898. It mainly deals in making dresses for office workers and is claimed to have shipped about 70 million shirts.
The company was sold in May 2020 by Bain Capital buyout group to Torque Brands for 25 million pounds. However, the new company plunged it into administration after about a month with 16 million pounds of outstanding debt. The brand was later bought back by Torque and operatedin an online business model.
Hence, the company is again placed into administration. Interpath Advisory has been appointed as adviser and it will operate the business as well as seek a new buyer for it and its assets.
TM Lewin was founded in 1898 by Thomas Mayes Lewin. It is an online menswear retail business house in the United Kingdom.
Lewin opened the first shop in Panton Street, London. He later moved the outlet to Jermyn Street and gained popularity as a manufacturer of formal shirts.
The company initially made shirts and later focused on suits, knitwear, outerwear, chinos, jackets, ties as well as accessories.
TM Lewin is headquartered in Farringdon, UK. It currently has more than 150 stores across the world. In June 2020, the shirtmaker went into administration with the shutdown of 66 stores in the UK.
In 2019, TM Lewin owned 68 UK stores and 89 international stores in several countries including the United States, Australia, Ireland and across Europe. It collaborated with Falke, Albini, Loro Piana, Liberty and several more mills and brands.
Gary Lineker became the face of the company in 2017. The partnership was short-lived and ended in 2019. Meanwhile, the company collaborated with various sporting teams and events like Harlequins and Royal Ascot. In 2012, it delivered ties to the Olympic Bid.
The company was equipped with 100 UK stores in 2011. Its first overseas store was launched in 2012 in Sydney, Australia. TM Lewin initiated talks with several buyers in April 2020 and it is learned rival Charles Tyrwhitt was one of the parties. Torque Brands acquired it in May 2020.