Tailored Brands Inc., which owns Men’s Wearhouse, JoS A. Bank and other menswear chains nationwide, announced plans Tuesday to close as many as 500 stores due to ongoing challenges posed by the coronavirus pandemic.
The company did not immediately name the stores in consideration for closure.
Tailored Brands has reopened 96% of the stores it had closed due to COVID-19 concerns. However, the company's president and CEO, Dinesh Lathi, said Tuesday that the pandemic's "significant impact on our business" has necessitated that the company do more.
Company officials said they plan to cut Tailored Brands’ corporate workforce by about 20%. The company is also reviewing changes it can make to restructure its supply chain and its store organization.
“While today’s announcement is a difficult one, we are confident these are the right next steps to protect our business and position us to more effectively compete in today’s environment,” Lathi said.
As of Feb. 1, Tailored Brands had 1,450 stores nationwide, CNN reported, citing a public filing. The company told investors last week that the impact of the coronavirus pandemic might make it necessary for Tailored Brands to file for bankruptcy or close entirely, according to the news network.
Cox Media Group
