// Thomas Pink closes Jermyn Street flagship store
// The future of the rest of its store estate is now at risk due to a lack of visitors
Thomas Pink has reportedly shuttered its flagship store on London’s Jermyn Street store.
The shirtmaker, which is owned by French luxury conglomerate LVMH, reopened its store on June 15 after lockdown, but has decided to permanently close it, This is Money reported.
This has put the future of the rest of its store estate at risk due to a lack of visitors.
In the year to December 31, 2018, Thomas Pink reported that its operating losses widened by 20 per cent to £23.5 million.
Turnover decreased by 41.6 per cent to £15.4 million in the same period, while gross profit increased by 91 per cent to £14.5 million.
The menswear retailer relaunched its brand, and “as a result, turnover for 2018 only benefited from six weeks of the new strategy”.
It rebranded as Pink Shirtmaker, and tried to go upmarket with shirts prices at £120 to £160 each.
Separately, fellow shirtmaker TM Lewin said in June that it will permanently shut its entire store estate as it struggles to pay rent and other costs for its stores, which have remained closed since lockdown.
It will continue to trade online.
The collapse into administration resulted in 600 job losses and TM Lewin’s assets were bought back by its owner Torque Brands, an investment vehicle for private equity firm Stonebridge, through a pre-pack deal.