Three months after exiting bankruptcy, Tailored Brands has closed a $75 million investment. The specialty menswear retailer received financing including $50 million of mandatorily convertible notes and $25 million in additional senior secured debt from a group of existing shareholders and lenders.
The transaction will provide additional liquidity for the company to meet the evolving needs of customers following the pandemic. Tailored Brands has been experiencing solid momentum across all brands and aims to enhance its omni-channel experience by launching Men’s Wearhouse Next-Gen stores, and evolving its merchandise assortment.
The Texas-based retailer is struggling with a shift to online shopping before the pandemic, cutting off its staff by 20 percent and shutting of 500 stores. The parent company of Men’s Wearhouse, Jos.A Bank and Moores men’s stores in the US and Canada filed for Chapter 11 bankruptcy protection in August, and emerged from it in November.
