Firm retires lousy underwear maker (9)

I believe the answer is:

corsetier

'underwear maker' is the definition.
(corset maker)

'firm retires lousy' is the wordplay.
'firm' becomes 'co' (a firm is a company).
'lousy' is an anagram indicator.
'retires' is an anagram of 'rsetier'.
'co'+'rsetier'='CORSETIER'

I've seen this clue in The Guardian.

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