Tailored Brands files for bankruptcy as pandemic hammers sales By Reuters


© Reuters. A Tailored Brands Men’s Wearhouse store is seen in New York

(Reuters) – Men’s Wearhouse owner Tailored Brands (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.

The company listed both its assets and liabilities in the range of $1 billion to $10 billion.

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.

Tailored Brands said last week it could consider filing for bankruptcy as soon as the third quarter, hit by a plunge in sales.

The company was already struggling with competition from fast-fashion brands and a shift to online shopping before the pandemic, and said in July it would reduce its corporate workforce by 20% and shut as many as 500 stores.

Lord & Taylor, a storied department store chain founded in 1826, billed as the oldest in the United States, also filed for Chapter 11 bankruptcy on Sunday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*