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Men’s Wearhouse goes bankrupt
HOUSTON (WLNS) – The iconic high-end clothing company with the tagline “You’re going to love the way you look.” I guarantee it ”, seeks to restructure the company “Evolve over time”.
“The coronavirus pandemic has changed the way we all live and work. This means fewer face-to-face meetings, fewer outings and postponement of wedding celebrations, ”said Dinesh Lathi, CEO of Tailored Brands. “Simply put, people stay at home more and our clothes are better suited for being on the go.”
Custom brands is the parent company of Men’s Wearhouse as well as other fashion brands including Jos. A. Bank, Moores Clothing for Men and the K&G brands.
Mother Society ad yesterday it struck a restructuring support deal with the backing of over 75% of its senior lenders.
The company has filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas.
Tailored Brands joins Brooks Brothers, J. Crew, Ann Taylor and Loft as well as Lord & Taylor, Neiman Marcus and JC Penney department stores in recent bankruptcy filings.
The company today sent a letter to Men’s Wearhouse customers saying they are seeking Chapter 11 protection to help revamp the business.
“We are creating a lighter, more agile structure to adapt to the realities of today’s retail environment.”
The letter goes on to assure rental customers that the rental reservation will be ready as planned and that the announcement does not impact the ordering or production of custom suits and apparel.
The letter even provides a link to a site detailing the restructuring process which includes legal motions to continue paying employees and working with suppliers.
In July, tailor-made brands ad 500 store closings and 20% job cuts at businesses, but says they will still have stores in every major metro area and all 50 states.
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