{"id":166791,"date":"2020-06-30T15:54:00","date_gmt":"2020-06-30T15:54:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/tm-lewin-placed-into-administration-and-closes-all-66-stores\/"},"modified":"2021-08-06T12:06:21","modified_gmt":"2021-08-06T12:06:21","slug":"tm-lewin-placed-into-administration-and-closes-all-66-stores","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/tm-lewin-placed-into-administration-and-closes-all-66-stores\/","title":{"rendered":"TM Lewin placed into administration and closes all 66 stores"},"content":{"rendered":"<p>TM Lewin has been placed into administration and has<strong> been bought back by its owner Torque<\/strong> in a move that has resulted in the closure of all of its stores.<\/p>\n<p><!--more--><\/p>\n<p>Some 600 jobs have been lost at the 66 stores which have not been opened since lockdown.<\/p>\n<p>Torque is a vehicle set up by private equity house SCP, which<a href=\"https:\/\/www.theindustry.fashion\/tm-lewin-acquired-by-private-equity-firm-scp\/\" target=\"_blank\" rel=\"noopener noreferrer\"> acquired TM Lewin from its former private equity owner Bain last month.<\/a><\/p>\n<p>It was reported yesterday that Torque, which is headed by <strong>Simba Sleep co-founder James Cox and backed by former Asda boss Allan Leighton,\u00a0<\/strong>had told landlords it could place the business in administration and executive a so-called pre-pack deal to buy it back and allow the closure of its stores.<\/p>\n<p>\u201cThe Torque team has worked to assess all available avenues for the business model going forwards, but having done so, has formed the view that<strong> TM Lewin is no longer a viable going concern in its current format<\/strong>,\u201d a statement from Torque said.<\/p>\n<p>It added: \u201cThe 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<strong> a direct result of the closing of the store network as we right-size the business<\/strong>.\u201d<\/p>\n<p>Cameron Gunn, a partner at restructuring expert Resolve, which was brought in to help the business, said: \u201cWe are <strong>pleased to have been able to save the online business<\/strong> of this great British retail brand.\u201d<\/p>\n<p>Upon acquiring TM Lewin, Torque stated that its ambition was to create a group of British brands powered by one operating platform.<\/p>\n<p>Nigel Frith, a senior market analyst at <a href=\"https:\/\/www.asktraders.com\/\">www.asktraders.com\u00a0<\/a>commented on the situation:\u00a0\"It might not be as many jobs as the bigger national retail chains, but even any job lost during a pandemic causes an extreme cause of concern. With 66 standalone stores within the UK and Ireland 600 jobs will be lost.<\/p>\n<p>\"The increasingly stricter measures implemented by the government to contain the spread of coronavirus, combined with collapsing consumer confidence is proving to be every retailer\u2019s worst nightmar<strong>e. The sector was already in a troubled place before coronavirus struck, now the chances of survival are greatly reduced.<\/strong> TM Lewin is just the latest in what promises to be a very extensive list of retailers that will struggle to make it through the coming months.<\/p>\n<p>\"It's no surprise that coronavirus has been the nail in the coffin for these retailers. It's a tough market out there especially on the high street, <strong>businesses need to adapt fast online to keep their revenue streams healthy<\/strong> and apply for as much government help as possible to ride out this storm.\"<\/p>\n<p>TM Lewin is the latest high street name to lose all of its stores as a result of the pandemic. Cath Kidston, Warehouse and Oasis all got placed into administration with all stores being closed and the brands emerging as online-only entities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":138366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[16042,10585,6,10494],"tags":[5707,19700,20104,20105],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TM Lewin placed into administration and closes all 66 stores - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"TM Lewin has been placed into administration and has been bought back by its owner Torque in a move that has resulted in the closure of all of its stores.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/tm-lewin-placed-into-administration-and-closes-all-66-stores\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TM Lewin placed into administration and closes all 66 stores - TheIndustry.fashion\" \/>\n<meta property=\"og:description\" content=\"TM Lewin has been placed into administration and has been bought back by its owner Torque in a move that has resulted in the closure of all of its stores.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.theindustry.fashion\/tm-lewin-placed-into-administration-and-closes-all-66-stores\/\" \/>\n<meta property=\"og:site_name\" content=\"TheIndustry.fashion\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/theindustryfashion\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-30T15:54:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-06T12:06:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2021\/07\/TM-Lewin-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lauretta Roberts\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:site\" content=\"@theindustryfash\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lauretta Roberts\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.theindustry.fashion\/tm-lewin-placed-into-administration-and-closes-all-66-stores\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.theindustry.fashion\/tm-lewin-placed-into-administration-and-closes-all-66-stores\/\"},\"author\":{\"name\":\"Lauretta Roberts\",\"@id\":\"https:\/\/www.theindustry.fashion\/#\/schema\/person\/85b04a16eba8c6cd7a9534c5a4262b89\"},\"headline\":\"TM Lewin placed into administration and closes all 66 stores\",\"datePublished\":\"2020-06-30T15:54:00+00:00\",\"dateModified\":\"2021-08-06T12:06:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.theindustry.fashion\/tm-lewin-placed-into-administration-and-closes-all-66-stores\/\"},\"wordCount\":492,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.theindustry.fashion\/#organization\"},\"keywords\":[\"Covid-19\",\"SCP Private Equity\",\"TM Lewis\",\"Torque\"],\"articleSection\":{\"0\":\"COVID-19\",\"2\":\"Finance\",\"3\":\"News &amp; 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