Tailored Brands, the parent company of Men’s Wearhouse and Jos. A. Bank is looking to close 500 stores in the coming months.
It is also looking to reduce its corporate workforce as a result of business disruptions from the Covid-19 pandemic.
Tailored Brands said it has identified up to 500 retail stores for potential closure as well as opportunities to reduce and realign its store organisation and supply chain infrastructure and organisation “to best serve its go-forward store footprint and e-commerce business.”
“We have safely re-opened almost all of our retail stores and look forward to helping our customers look and feel their best for their moments that matter,” said Tailored Brands President and CEO Dinesh Lathi. “Unfortunately, due to the COVID-19 pandemic and its significant impact on our business, further actions are needed to help us strengthen our financial position so we can navigate our current realities.”
