TM Lewin, a renowned formalwear specialist, has recently announced its second administration due to changing consumer habits and the ongoing impact of the pandemic. The company, which once had 150 stores worldwide, was forced to shift to an online-only model during the pandemic. However, this transition was not enough to save the 120-year-old brand as the demand for formal clothing significantly declined. The rise of remote working and the absence of formal social events have led to a decrease in the need for suits and formal tailoring, resulting in a considerable decrease in cash flow for TM Lewin.

The administration process for TM Lewin is now being overseen by Will Wright and Chris Pole from Interpath Advisory. Wright acknowledged the challenges that the men’s apparel industry has faced during the pandemic and expressed disappointment in the severe impact on TM Lewin. The administrators’ immediate focus is to explore options for the business, including a potential sale of the company and its assets.

Despite being acquired by investment firm Torque for approximately £25 million in May 2020, TM Lewin found itself in pre-pack administration just a month later. This previous administration filing left unsecured creditors facing losses of nearly £30 million.

The collapse of TM Lewin highlights the struggles that many retailers are currently facing. The shift towards remote work and more casual dress codes has created a decreased demand for formalwear, affecting the sales and operations of companies like TM Lewin. The fashion industry must continue to adapt to changing consumer habits and find innovative ways to cater to their preferences. For TM Lewin, the path to recovery may involve a sale of the business, which could potentially help it regain its position in the market under new ownership.

The future of TM Lewin remains uncertain, but its recent administration serves as a reminder of the challenges that businesses in the fashion industry are experiencing. As the pandemic continues to shape consumer behavior and preferences, companies must be proactive in reassessing their strategies and adapting to the evolving market landscape. Only by staying agile and responsive can fashion brands hope to not only survive but also thrive in these unprecedented times.

For more information on TM Lewin’s administration and the challenges faced by the fashion industry, you can visit the following links:

1. BBC News: TM Lewin falls into administration
2. Business of Fashion: TM Lewin collapses into administration again