Iconic shirtmaker TM Lewin is in talks with potential buyers as coronavirus continues to hit high street businesses across the UK.
The London-based retailer, founded in 1898, has been placed up for sale, just a day after the collapse of fashion chains Oasis and Warehouse.
The company is now open to bids, according to Sky News, with the auction being run by Alantra, a corporate finance firm.
Sources said on Thursday that Bain Capital, the private equity group which has backed TM Lewin through its debt investment arm since 2015, was keen to offload the business.
The chain, which trades from 66 stores in the UK and five in Australia, is 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 have been furloughed under the government's Coronavirus Job Retention Scheme.
The remaining employees are involved in its digital operations and supply chain.
What other businesses have been hit by coronavirus?
Several household names have filed for administration over the past month.
For many, their collapse has been accelerated by the Government's lockdown measures.
Just last week, Britain's oldest department store Debenhams crashed into administration for the second time this year.
The company said it has no plans to re-open its stores in Ireland once coronavirus lockdown measures are relaxed.
In the UK, the fate of closures is now in the hands of its landlords - with the business seeing a five month rent holiday.
A Debenhams spokesman said at the time: "This move will protect Debenhams from the threat of legal action that could have the effect of pushing the business into liquidation while its 142 UK stores remain closed in line with the Government's current advice regarding the Covid-19 pandemic."
Laura Ashley has also said it will permanently close 70 stores after sliding into administration, while footwear chain Office has today been put on the market by its South African owner Truworths International.
In the early days of the crisis, Flybe also closed its doors, while Carluccio's and BrightHouse have since collapsed.
Cath Kidston is also looking likely to appoint administrators.
An estimated 20,000 stores will be lost by the end of the year, according to figures from the Centre for Retail Research, a massive jump on the 4,547 that closed in 2019.
Weeks of lockdown will lead to 235,000 jobs being lost, up from 93,000 in 2019, which was the worst year for retail for a quarter of a century.
In the UK, all non-essential stores have been forced to close, with the government promising to support businesses by picking up parts of their payroll, and backing loans.
But some are now concerned at the high costs needed to reopen and restock stores once any restrictions are eased.
