The coronavirus has crippled businesses across the world and TM Lewin is no exception. Earlier today 1st July, 2020, the shirt-maker announced that it will close all its stores in the UK, 66 of them to be precise and lay off about 600 workers as it takes all its sales online to help cut costs.
The company has previously expressed worry over its inability to bear the burden of excessive store bills and other costs for its stores. The company plainly stated that the pandemic is responsible for its resolve to abandon physical outlets.
Resolve, the firm hired to restructure the company stated: “After considerable review, and due to the many issues currently being experienced by high street retailers, it has been determined that the future of the TM Lewin brand will be online-only."
Torque Brands acquired the shirt-maker barely a month ago and has plainly said that the retailer will now live online.
"This has forced our hands to focus on a radical overhaul of the business model, rebuilding from the ground up in a fashion we deem fit for the years to come," a spokesperson said.
The Torque spokesperson added: "We are committed to selling quality tailoring to a global audience, but crucially in a financially sustainable fashion.
“The decision to significantly reduce the scale of the business in order to preserve its future will regrettably result in job losses as a direct result of the closing of the store network as we right-size the business."
TM Lewin was founded in 1898, and the chain is one of the most prominent names on Jermyn Street, the west end street populated by tailors and shirtmakers.