TM Lewin, the British menswear label, has decided to shut all its 66 stores thereby resulting in over 600 job losses.
And with this another iconic retailer has succumbed to the wrath of the deadly virus! TM Lewin will now be seen online only.
Yesterday (30 June) saw the fashion labels’ private equity owner Torque Brands acquire TM Lewin’s digital business through a pre-packed deal.
The deal, notably, does not include its 66 stores.
While agreeing that the acquisition deal has secured the future of TM Lewin, Resolve, which was hired to revamp the retailer’s business, said that in the current scenario where every high street retailer is struggling to survive, the future of TM Lewin is online only.
Back in May, Torque had bought TM Lewin from the investment company Bain.
TM Lewin, reportedly, said that its inability to pay the rent and manage other store expenditures, owing to coronavirus crisis, has compelled to go for a permanent closure of all its stores.
Going ‘digital only’ is a step towards radical overhauling of the business by the retailer.
The London-based menswear retailer offers products like shirts, suits, ties, jackets, knitwear, chinos and accessories for men and is a big name on Jermyn Street, London.