Tailored Brands (Men's Wearhouse, Jos. A Bank) files for bankruptcy as pandemic hammers sales

[Eugene]

Last edited Tue Aug 4, 2020, 06:24 AM - Edit history (1)

Source: Reuters

BUSINESS NEWS AUGUST 2, 2020 / 11:34 PM / UPDATED 3 HOURS AGO

Tailored Brands files for bankruptcy as pandemic hammers sales

(Reuters) - Men’s Wearhouse owner Tailored Brands (TLRD.N) filed for bankruptcy on Sunday, adding to a list of brick-and-mortar retailers that have succumbed to the economic fallout from the COVID-19 crisis.

The retailer filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas, according to a court filing.

Apparel retailers have been among the worst hit from the coronavirus crisis as their businesses were considered non-essential and their stores had to be closed. They were forced to limit operations to online, which led to furloughing of staff and unpaid leases and rents.

Tailored Brands said in a statement that it has entered into a restructuring agreement with more than 75% of its senior lenders, and that could reduce the company’s debt by at least $630 million.

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Read more: https://www.reuters.com/article/us-tailored-brands-bankruptcy/tailored-brands-files-for-bankruptcy-as-pandemic-hammers-sales-idUSKBN24Z0AW

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Also on Sunday:
Lord & Taylor, Oldest U.S. Department Store, Files Bankruptcy
https://www.democraticunderground.com/111688962

[smb]

1. Their Demand Is Way Down

Much of their business is semi-formal white collar work outfits (for people who are mostly now working from home and so just need a few shirts that don't suffer as much wear as they would being out and about) or formal outfits for occasions (that aren't happening anytime in the near future).

[woodsprite]

2. My son was just laid off from Jos A Bank

He loved working there and was the youngest employee on the staff at his store. The staff consisted of 3 managers and 2 part time workers. Like my son said, not too many people are buying $1000 suits today, and won’t be for quite awhile.

[Sherman A1]

3. Not the first and certainly won't be the last

In this Retail Apocalypse.

[marble falls]

4. This is the result of Trump's dithering. And with a company that was floundering before Covid.