With more than 10 million men out of work and millions more working from home, it's not the best time to be selling men's dress clothes. Tailored Brands, which owns the Men's Wearhouse, could be the next major American retailer to file for bankruptcy.
That's why Tailored Brands , which owns the Men's Wearhouse, Jos. A. Bank and K&G brands, could be the next major American retailer to file for bankruptcy."The company has had bankruptcy advisers for a couple of months now. It's exploring all of its options and it's not a 100% that they're filing, but the odds are pretty high," said Reshmi Basu, an expert in retail bankruptcies and an analyst with Debtwire, which tracks distressed companies.
It said it has been able to negotiate rent deferrals for a significant number of its stores, with repayment at later dates, beginning at the end of 2020 into 2021. It also furloughed or laid off 95% of its 19,000 employees. But things have not gone well at the 44% of Tailored Brands stores that reopened in early May. For the week ended June 5, sales at locations open for at least one week fell 65% at its Men's Wearhouse and were down 78% at Jos. A. Bank and 40% at K&G.
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