Following financial restructuring that allowed it to eliminate $686 million debt, US men’s fashion retailer Tailored Brands has successfully exited from its bankruptcy proceedings. The Houston-based company had filed for Chapter 11 bankruptcy in August, joining a list of brick-and-mortar retailers succumbing to the hit from the COVID-19 pandemic.
The restructuring plan included a $430 million lending facility. Tailored Brands now operates with a capital structure that includes an exit term loan of $365 million, which it expects will support its ongoing operations and strategic initiatives.
In July, the company announced plans to cut its workforce by 20 per cent and shut as many as 500 stores, in response to the impact of the pandemic. The company provides a personal, convenient, one-of-a-kind shopping experience with compelling products and world-class service. It features leading menswear retailers Men’s Wearhouse, Jos. A. Bank and Moores Clothing for Men; and family retailer K&G Fashion Superstore.
