Men’s Wearhouse files for bankruptcy

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HOUSTON (WLNS) – The iconic upscale clothing company with the catch phrase “You’re going to like the way you look. I guarantee it,” is looking to restructure the business to “evolve with the times.”

“The coronavirus pandemic has altered the way we all live and work. It means fewer in-person meetings, less going out and postponed wedding celebrations,” said Tailored Brands CEO Dinesh Lathi. “Simply put, people are staying home more, and our clothes are better suited to being out and about.”

Tailored Brands is the parent company of Men’s Wearhouse as well as other fashion brands including Jos. A. Bank, Moores Clothing for Men, and K&G brands.

The parent company announced yesterday that it has entered into a restructuring support agreement with support from more than 75% of its senior lenders.

The company filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas.

Tailored Brands joins Brooks Brothers, J. Crew, Ann Taylor and Loft as well as department stores Lord & Taylor, Neiman Marcus, and J.C. Penney in recent bankruptcy filings.

The company sent a letter to Men’s Wearhouse customers today that they are filing for Chapter 11 protection to help reorganize the business.

“We are creating a leaner and more nimble structure to adapt to the realities of today’s retail environment.”

The letter goes on to assure rental customers that rental reservation will be ready as scheduled and the announcement does not impact ordering or production of custom suits and clothing.

The letter even provides a link to a site detailing the restructure process which includes court motions to continue paying employees and work with vendors.

In July, Tailored Brands announced 500 store closures and cutting 20% of corporate jobs, but says they will still have stores in every major metro area and in all 50 states.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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