T.M. Lewin has gone into administration for the second time in two years. Administrators say this is a result of the effect of Covid-19 restrictions on the market for its tailored menswear.
The latest failure comes almost two years after the menswear retailer moved to an online-only model in the summer of 2020, following its previous insolvency in the first wave of Covid-19 lockdowns and restrictions. Before that it operated on a multichannel model, with more than 150 shops around the world.
The menswear retailer has been hit hard by the effect of Covid-19 lockdowns and restrictions that have kept office workers at home and stopped large events and social gatherings, reducing the need for the tailored clothing that it is known for, says administrator Interpath Advisory.
Although social distancing measures were lifted early this year, the cumulative effect of lockdowns and restrictions on cashflow has meant the retailer took the decision to go into administration once more.
Will Wright, head of restructuring at Interpath Advisory and joint administrator, says: “Over the course of the pandemic, men’s apparel – and formalwear in particular – has been one of the hardest hit parts of the retail sector, as work-from-home measures and restrictions on events meant demand for suits and formal tailoring waned.
“Unfortunately, and despite the company undergoing a significant restructuring at the start of the pandemic which saw it move to an online model, the impact on this famous British brand has been severe.
“Our immediate priority is to explore options for the business, including a sale of the business and its assets.”
T.M. Lewin was founded more than 120 years ago in London. In 1898, Thomas Mayes Lewin in partnership with Geoffrey James Lewin, opened the first T.M.Lewin store in Panton Street, London before moving in 1903 to Jermyn Street, the home of English shirt making. Its website is continuing to operate while a buyer is sought.
T.M. Lewin is ranked Top50 in RXUK Top500 research for its ecommerce performance.
