After news was announced yesterday that TM Lewin would be entering administration, it is now understood that around 600 employees of TM Lewin will be out of a job as the company looks to close all 66 stores within its portfolio.
The company is moving into the online only field as it looks to drastically cut costs in the wake of the coronavirus and its inability to pay rents on stores that were forced to close in March by the government due to the outbreak of Covid-19. The company was acquired by Torque Brands back in May, which is a subsidiary of Stonebridge Private Equity. In a statement, the company said: “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. The decision to significantly reduce the scale of the business in order to preserve its future will regrettably will result in job losses at TM Lewin, as a direct result of the closure of the store network as we right-size the business.”
