TM Lewin, the century-old shirt maker, is close to collapsing into administration for the second time in less than two years.
Sky News has learnt that lenders to the company are on the verge of appointing Interpath Advisory to handle an insolvency process.
The brand, which is popular among City workers, was founded in 1898, but has endured a torrid recent history.
Sources said that TM Lewin’s owner, Torque Capital, had been unable to meet a recent demand for funding.
Administrators could be appointed as early as this week, they added.
TM Lewin axed all 66 of its physical shops as part of its last skirmish with insolvency, resulting in the loss of hundreds of jobs.
The company is now thought to employ fewer than 100 people.
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One industry insider said they expected there to be significant interest in acquiring the TM Lewin brand, despite the fact that a shift to home-based working during the pandemic had led to sharply reduced demand for office attire.
TM Lewin claims to have sold more than 70m shirts during its 124-year history.
Torque has been contacted for comment, while Interpath declined to comment.
