Men’s Wearhouse Suit Chain Filed for Bankruptcy
Tailored Brands, which owns Men’s Warehouse, a chain of tailoring shops for men’s suits, has filed for bankruptcy due to the coronavirus crisis. During the quarantine, Men’s Wearhouse was forced to redirect sales online, as well as send most of its employees on vacation. In a company that also owns Jos. A. Bank, Moores Clothing for Men and K&G Fashion Superstore, noted that they were able to negotiate with most landlords and reduce the debt to $ 630 million. In addition, the owners of the company pledged to pay more than $ 500 million to creditors, as well as to reduce the staff by 20% and close about 500 stores. When filing for bankruptcy, Tailored Brands valued their assets at between $ 1 billion and $ 10 billion.