News

Coronavirus: TM Lewin to close all UK shops

Coronavirus: TM Lewin to close all UK shops
Business
Many retailers have announced lay-offs during the coronavirus pandemic, with furniture chain Harveys also revealing cuts on Tuesday.

Founded in Panton Street, London, in 1898, TM Lewin sells shirts and suits at shops across the UK.

All its stores shut when lockdown began, but none reopened when restrictions were eased earlier in June.

Torque Brands, a subsidiary of Stonebridge Private Equity, bought the business in May. On Tuesday it said it had struck a deal to avoid administration.

In a statement, Torque said the entire retail sector was facing a "very real threat".

"The Torque team has worked to assess all available avenues for the business model going forwards, but having done so, has formed the view that TM Lewin is no longer a viable going concern in its current format," it said.

"The decision to significantly reduce the scale of the business in order to preserve its future will regrettably result in job losses at TM Lewin, as a direct result of the closing of the store network as we right-size the business."

Retailers, many of which were struggling even before the pandemic, have been hit hard as consumer demand has slumped in recent months.

Shoemaker Clarks has said it will cut 700 jobs and Mulberry is planning about 500 cuts. Oasis and Warehouse have gone into administration, putting 1,800 jobs at risk and leading to 200 immediate cuts.

On Tuesday, furniture chain Harveys and Bensons for Beds both called in administrators.

Harveys is seeking a buyer for about 20 stores and three manufacturing sites, while Bensons - Britain s second-largest beds retailer - will close around 50 of its 175 outlets.

The firms, which are owned by the same parent company, have made 240 immediate job cuts and a further 1,300 positions are under review.
Read more on bbc.com
News Topics :
RELATED STORIES :
Business
Dame Gillian Guy, chief executive of Citizens Advice, said that weathering the employment crisis is now the top concern for millions of people. Investment in jobs and training will be...
Business
Harveys and Bensons for Beds have secured a key investment originally due to come from their scandal hit parent, South Africa s Steinhoff. The furniture brands said the two year loan would...
Business
Retail group Steinhoff has said its lenders are starting to withdraw or suspend credit following allegations of accounting irregularities. In a presentation to investors in London, the retailer added it...
Business
Pepkor Europe, which owns Poundland in Europe, said it had received a £180m loan from US investment firm Davidson Kempner. The loan will replace investment Pepkor Europe expected to be...
Business
Furniture and fashion chain Laura Ashley has collapsed into administration as the coronavirus outbreak continues to put pressure on retailers. The firm is to close almost half of its 147...