The company has emerged from Chapter 11 and eliminated $686M of existing debt.
This milestone marks the successful completion of the company’s financial restructuring process and the implementation of the Plan of Reorganisation confirmed by the US Bankruptcy Court on November 13, 2020. Tailored Brands emerges with a significantly bolstered financial position, $686M of debt eliminated from its balance sheet and the full support of its new owners.
“We are thrilled to emerge from Chapter 11, having gained the financial and operational flexibility we need to support each of our brands in this rapidly evolving retail environment, continue to show up strong for our customers and remain an attractive employer,” commented Dinesh Lathi, Tailored Brands President and Chief Executive Officer.
Tailored Brands now operates with a strengthened capital structure, consisting of a $430M ABL facility, a $365M exit term loan and $75M of cash from a new debt facility.
