According to a recent report from Sky News, TM Lewin is on the verge of finalizing a rescue deal that will see it being bought out of administration by an investment firm associated with Petra Group. This comes as the formalwear brand, known for its exemplary range of shirts, recently filed for administration for the second time in less than two years. TM Lewin was previously under the ownership of Torque Brands, who acquired the company during the pandemic but later placed it into administration due to the various challenges caused by Covid-19.
In an effort to restructure its operations, TM Lewin made the decision to shut down all of its 66 physical stores and make a transition to an online-only business model. The decline in sales of formalwear, spurred by remote work orders and the widespread cancellation of social events, had a significant impact on the brand’s overall performance. Moreover, as part of the restructuring process, the company also had to downsize its workforce, currently employing fewer than 100 individuals.
Following TM Lewin’s administration filing, there were speculations regarding potential acquirers of the brand, with major retail players like M&S and Frasers Group being thrown into the conversation. Had any of these companies acquired TM Lewin, it was likely that the brand would once again have a physical presence in some form. Interestingly, Petra Group, the investment firm affiliated with the potential buyer, has expressed interest in resurrecting TM Lewin’s high street footprint.
The emphasis on reestablishing a physical retail presence could be a significant move, as some industry experts believe that TM Lewin’s difficulties mainly stemmed from its position as an online-only brand. By combining its digital presence with brick-and-mortar stores, the brand may have a better chance of catering to evolving consumer preferences and capitalizing on the increased demand for formalwear as the world gradually emerges from the pandemic.
While an official announcement is yet to be made, the imminent rescue deal could potentially mark a new chapter for TM Lewin, bringing it back into the retail landscape and creating opportunities for growth and revival.
Sources:
– Sky News report: Link
– TM Lewin official website: Link
