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The encyclopedia · Strategy & Leadership · Strategic decision · 2020

TM Lewin — Jermyn Street shirtmaker closed 66 stores, 600 jobs lost

TM Lewin — the iconic British shirtmaker — closed all 66 UK stores and made 600 staff redundant when it entered administration in June 2020

TM Lewin · Stonebridge Capital · 2020-06-30

What happened

TM Lewin was a British menswear retailer founded in 1898 by Thomas Mayes Lewin on Jermyn Street in London, the historic home of British shirtmaking. The brand built a reputation over a century for high-quality formal shirts, becoming one of the most recognised names in British menswear alongside Charles Tyrwhitt and Thomas Pink. By the 2010s, TM Lewin had expanded from its Jermyn Street roots to 99 stores across the UK, plus international locations. Its customer base was built around men who needed formal shirts for office work, making it one of the UK's best-known shirt retailers.

By the late 2010s, the brand faced growing pressure from the casualisation of office dress codes and the rise of online-first shirt retailers. Bain Capital took a stake in 2015 and brought in a new CEO, but the underlying trends were moving against formal menswear. The COVID-19 pandemic was catastrophic — with office workers sent home and formal dress codes suspended indefinitely, demand for formal shirts collapsed. By May 2020, approximately 650 of the company's 700 employees were furloughed.

On 30 June 2020, TM Lewin announced the closure of all 66 UK stores with the loss of 600 jobs. The brand was bought out of administration by Stonebridge Capital through a pre-pack deal, continuing as an online-only business. TM Lewin later returned to physical retail in 2025 with a single store on Bow Lane, London. The case became emblematic of the pandemic's impact on formalwear — a business built around the office shirt could not survive when nobody went to the office.

Why it happened

  • COVID lockdowns sent office workers home and killed demand for formal shirts overnight — 650 of 700 employees were furloughed by May 2020, and stores generated near-zero revenue
  • The long-term casualisation of office dress codes had eroded TM Lewin's core market — men stopped wearing shirts to work years before the pandemic, and the shift to WFH accelerated this permanently
  • The 66-store physical network was too large for a menswear shirt brand — high-street rents and rates could not be justified by footfall, leaving the estate structurally unprofitable
  • Stonebridge's pre-pack deal valued only the online operations and brand name — no buyer wanted the physical stores, confirming the entire retail network had negative value
What it cost66 stores closed, 600 jobs lostcostly

The lesson

A business built around office shirts cannot survive when nobody goes to the office — COVID accelerated the decline of formalwear, but the casualisation trend had been undermining it for years.

Aftermath

TM Lewin was acquired by Torque Brands (backed by Stonebridge Capital) in a pre-pack administration deal in May 2020. On 30 June 2020, all 66 UK stores were closed permanently, and 600 employees were made redundant. The brand continued exclusively online under Stonebridge's ownership, with a digital relaunch in April 2022. In April 2025, TM Lewin returned to physical retail with a single store on Bow Lane in London. The company's collapse was a prominent example of the pandemic's impact on formalwear retailers.

Sources

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