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Related: About this forumTailored Brands (Men's Wearhouse, Jos. A Bank) files for bankruptcy as pandemic hammers sales
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) - Mens 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 companys debt by at least $630 million.
-snip-
Tailored Brands files for bankruptcy as pandemic hammers sales
(Reuters) - Mens 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 companys debt by at least $630 million.
-snip-
Read more: https://www.reuters.com/article/us-tailored-brands-bankruptcy/tailored-brands-files-for-bankruptcy-as-pandemic-hammers-sales-idUSKBN24Z0AW
______________________________________________________________________
Also on Sunday:
Lord & Taylor, Oldest U.S. Department Store, Files Bankruptcy
https://www.democraticunderground.com/111688962
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Tailored Brands (Men's Wearhouse, Jos. A Bank) files for bankruptcy as pandemic hammers sales (Original Post)
Eugene
Aug 2020
OP
This is the result of Trump's dithering. And with a company that was floundering before Covid.
marble falls
Aug 2020
#4
smb
(3,471 posts)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
(11,913 posts)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 wont be for quite awhile.
Sherman A1
(38,958 posts)3. Not the first and certainly won't be the last
In this Retail Apocalypse.
marble falls
(57,080 posts)4. This is the result of Trump's dithering. And with a company that was floundering before Covid.