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

[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