TM Lewin falls victim to casual wear switch
Menswear retailer TM Lewin has entered administration for the second time in two years, a victim of the shift from formal to casual wear.
Interpath Advisory have been appointed joint administrators and is exploring options for the company, including a sale of the business and its assets.
Founded over 120 years ago, TM Lewin grew to more than 150 shops worldwide prior to the pandemic. After the initial impact of Covid-19, lockdown restrictions and entering an insolvency process, it moved to an online-only model trading exclusively in the UK in the summer of 2020.
Interpath said that while social distancing measures were lifted this year, the cumulative impact on the company’s cashflow resulted in a decision to place the company into administration.
Will Wright, who is head of restructuring at Interpath Advisory, said: “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.”