Shirtmaker TM Lewin has entered administration for the second time in less than two years.
The 124-year-old brand has appointed insolvency specialists at Interpath Advisory, putting 50 jobs at risk.
The menswear company, famous for its office clothes, has operated online-only since 2020, after taking a financial hit at the start of the pandemic.
The administration in June that year resulted in the closure of all 150 high street stores.
It was rescued by Torque Brands which is part of a US-based private equity giant called Stonebridge, and currently employs about 50 staff, whose jobs are now at risk.
Will Wright and Chris Pole of Interpath Advisory, the joint administrators, said that since the buyout the business had “continued to be negatively impacted” by pandemic restrictions on large events and social gatherings which had reduced demand for its shirts.
Wright said: “Over the course of the pandemic, men’s apparel – and formalwear in particular – has been one of the hardest-hit parts of the retail sector, as work-from-home measures and restrictions on events meant demand for suits and formal tailoring waned.”
He added that despite “significant restructuring at the start of the pandemic which saw it move to an online model, the impact on this famous British brand has been severe”.
The joint administrators are now aiming to sell the business. Potential buyers could include Marks & Spencer and Next.
Next has already signed deals to run the UK arms of lingerie brand Victoria’s Secret, which fell into administration in 2020 and the casual clothing retailer Gap, which closed all its UK stores last year.
TM Lewin, which was founded in 1898, was initially put up for sale just a day after the collapse of fashion chains Oasis and Warehouse in 2020.
At the time, it said it could not afford the rent bill for its stores.
The shirt-maker’s assets were bought back by its owner Torque Brands, for Stonebridge, through a pre-pack deal.
The company at the time said it could not afford the rent bill and other costs for its stores, which had all been shut since March. It cited the pandemic for its decision to steer away from physical outlets.
"This has forced our hands to focus on a radical overhaul of the business model, rebuilding from the ground up in a fashion we deem fit for the years to come," a spokesperson at the time said.
Torque is led by Simba Sleep co-founder James Cox and is backed by former Asda boss Allan Leighton and Paul Taylor, who previously ran Harrods.
The Torque spokesperson at the time said: "We are committed to selling quality tailoring to a global audience, but crucially in a financially sustainable fashion.
“The decision to significantly reduce the scale of the business in order to preserve its future will regrettably result in job losses as a direct result of the closing of the store network as we right-size the business."
Until its high street collapse, TM Lewis was one of the most prominent names on Jermyn Street, the west end street populated by tailors and shirtmakers.
Approximately 650 of the company's 700 staff were furloughed under the government's Coronavirus Job Retention Scheme.
