Men's Wearhouse owner files for bankruptcy protection

Men's Wearhouse owner files for bankruptcy protection
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Tailored Brands, the company that owns Men’s Wearhouse, has joined a growing list of retailers filing for bankruptcy protection amid the coronavirus pandemic.

Tailored brands said in a statement Sunday that it filed for voluntary Chapter 11 protection. The company said the plan is expected to reduce its debt by at least $630 million.

Tailored Brands President and CEO Dinesh Lathi cited the coronavirus pandemic as a financial hurdle for the company. 

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“As evidenced by the positive results we saw in January and February, we have made significant progress in refining our assortments, strengthening our omni-channel offering and evolving our marketing channel and creative mix. However, the unprecedented impact of COVID-19 requires us to further adapt and evolve,” Lathi said in a statement.

“Reaching an agreement with our lenders represents a critical milestone toward our goal of becoming a stronger Company that has the financial and operational flexibility to compete and win in the rapidly evolving retail environment," Lathi added. 

The announcement follows other businesses filing for bankruptcy, including Lord & Taylor, which also announced it filed for Chapter 11 protection on Sunday. Similar announcements were previously made by J.Crew, Brooks Brothers and Ascena Retail Group, the company behind Ann Taylor.