The founder of shirts specialist Charles Tyrwhitt said business “fell off a cliff” last year as stores were forced to close, consumers reined-in spending and worked from home so his products stayed on the rails.
Each news story about TM Lewin seems to deliver worse news and the latest development is that the menswear retailer is closing all of its shops and becoming online-only. It means the loss of over 600 jobs.
New LovetheSales.com analysis of e-shopper demand shows a hunger for luxury investment pieces as well as high street fashion for the looming day when consumers will be able to restart their social lives.
As the new owners of TM Lewin continue to seek new deals for its retail stores, a report has suggested the company could consider a pre-pack administration in order to allow it to close as many of the shops as possible.
The optimism surrounding the sale of British menswear brand TM Lewin back in May seems to have been tempered by the new owner telling landlords that most shops could be shut if they don't offer attractive rent deals.
TM Lewin has been bought by SCP Private Equity, which wants to build a portfolio of British brands that will sell well globally. Asda's ex boss, who's currently chairman of C&A, is on board, as is an ex-Harrods MD.