TM Lewin will permanently shut its entire store estate, as it struggles to pay rent and other costs for its stores.

The Telegraph reported that the menswear retailer's administration will result in around 600 job losses.

TM Lewin’s assets have been bought back by its owner Torque Brands - an investment fund of private equity firm Stonebridge - through a pre-pack deal. But that does not include its 66 shops.

The move comes a month after Torque acquired the brand from investment firm Bain.

TM Lewin will continue to trade online, but blamed the Coronavirus lockdown for the decision to leave the High Street. At least 650 of TM Lewin’s 700 staff had been furloughed under the government’s Coronavirus Job Retention Scheme.

Torque is led by Simba Sleep co-founder James Cox and is backed by former Asda boss Allan Leighton and ex-Harrods chief Paul Taylor. It plans to build a stable of brands that can be rolled out worldwide, all using the same IT, manufacturing and distribution systems to minimise costs.

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