The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Tailored Brands Inc. said on Monday it could consider filing for bankruptcy as soon as in the third quarter, as the Covid-19 crisis continues to pummel sales.
The Men's Wearhouse owner said a reduction in liquidity and failure to make an interest payment have raised doubts about its ability to continue as a going concern within a year.
Earlier this month, Houston, Texas-based Tailored Brands had said that it had identified up to 500 stores for closure over time and expected to cut 20 percent of its corporate workforce. The apparel retailer had said it was no longer in compliance with an NYSE-listing criteria.
Shares of the company, which also owns men's clothing store Jos. A. Bank, were down 9 percent at 54 cents in extended trading. They have fallen about 86 percent this year.
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The coronavirus pandemic, which forced apparel retailers to limit operations to online and furlough employees, has added to Tailored Brands' woes, as it had already been struggling with competition from fast-fashion brands.
By Praveen Paramasivam; editor: Maju Samuel
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.