According to a report from Sky News, TM Lewin, the well-known formalwear brand, is on the brink of being saved from administration through a buyout led by an investment firm connected to Petra Group. This development comes after TM Lewin was forced to declare administration for the second time within a span of two years. Previously owned by Torque Brands, TM Lewin was acquired just as the Covid-19 pandemic hit, resulting in significant challenges for the brand due to the pandemic’s impact on the retail industry.

As a consequence of the crisis, TM Lewin made the decision to shut down all 66 of its physical stores and transition into an online-only brand. This move was prompted by the decrease in demand for formalwear sales caused by work-from-home orders and the cancellation of social events. With consumers embracing more comfortable clothing options like loungewear, the need for formal attire diminished. Along with store closures, TM Lewin also downsized its workforce and now has less than 100 employees.

Initially, there were rumors that major retailers like M&S and Frasers Group would make attempts to acquire the TM Lewin brand, which would likely result in the revival of physical stores under the TM Lewin name. Interestingly, Petra Group, the investment firm linked to the upcoming buyout, reportedly also has an interest in reestablishing the brand’s presence on the high street. This strategic move could address concerns that TM Lewin’s challenges were partially due to its online-only status.

Founded in 1898, TM Lewin has a rich history and has been recognized as a specialist in formalwear, especially shirts. It remains to be seen how the brand will navigate the current retail landscape and whether the potential new ownership under Petra Group will successfully bring TM Lewin back to physical stores. An official announcement regarding the buyout is expected soon.

Useful links:
1. TM Lewin Official Website
2. Petra Group Official Website