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 British musician will collaborate with the Swiss brand on a collection of training apparel, and will serve as the face of their first collection to be released in August.
Designer brands including Gucci and Anya Hindmarch have been left millions of pounds out of pocket and some customers will not get refunds after the online fashion site collapsed owing more than £210m last month.
Antitrust enforcers said Tapestry’s acquisition of Capri would raise prices on handbags and accessories in the affordable luxury sector, harming consumers.
As a push to maximise sales of its popular Samba model starts to weigh on its desirability, the German sportswear giant is betting on other retro sneaker styles to tap surging demand for the 1980s ‘Terrace’ look. But fashion cycles come and go, cautions Andrea Felsted.