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Men’s Warehouse parent goes bankrupt, adding to retail wreck

Tailored Brands operates more than 1,274 retail and apparel rental stores in the U.S., including this JoS. A. Bank location in Washington D.C. Tailored Brands, which has struggled as the pandemic shut stores and consumer demand for office attire dropped, has filed for bankruptcy protection. (Associated Press)
From staff and wire reports Bloomberg

From staff and wire reports

Tailored Brands, the owner of Men’s Wearhouse and Jos. A. Bank, filed for bankruptcy protection after the coronavirus lockdown kept America’s office workers at home, curtailing demand for new suits.

The filing in U.S. Bankruptcy Court in the Southern District of Texas makes the company the latest in a string of retailers that have grappled with competition from online shopping and have been among the hardest hit by COVID-19. Lockdowns have drained revenue, pushing already-struggling companies like J.C. Penney, J. Crew, and Neiman Marcus into bankruptcy. Lord & Taylor also filed under Chapter 11 on Sunday.

Like many apparel chains, Tailored Brands was in a tough spot before the outbreak. Sales have fallen every year since 2016 as Men’s Wearhouse and Jos. A. Bank contended with changing consumer tastes and e-commerce rivals. The retailer was preparing a filing that would give it a chance to cut its borrowings and close unprofitable locations, Bloomberg reported last week.

“The unprecedented impact of Covid-19 requires us to further adapt and evolve,” CEO Dinesh Lathi said in a statement.

The Jos. A. Bank in Spokane, located 706 W. Main Ave., was open Monday. Manager Ben Lundgren said he could not comment about the bankruptcy and directed a reporter to Tailored Brands’ corporate offices, which did not immediately respond Monday to an interview request.