US menswear retailer Tailored Brands emerges from bankruptcy
Tailored Brands, US menswear retailer, and some of its subsidiaries have emerged from Chapter 11 protection while eliminating $686 million of debt from its balance sheet.
The menswear retailer emerged from bankruptcy following the completion of its financial restructuring process and the implementation of the plan of reorganization confirmed last month by the US Bankruptcy Court.
Dinesh Lathi – Tailored Brands President and CEO said: “We are thrilled to emerge from Chapter 11, having gained the financial and operational flexibility we need to support each of our brands in this rapidly evolving retail environment, continue to show up strong for our customers and remain an attractive employer.
“I want to thank all of the lenders, employees, customers, landlords, vendors and other partners who helped us get to this point.”
US menswear retailer Tailored Brands, the owner of Men’s Wearhouse, emerges from bankruptcy. Photo courtesy of Anthony92931/Wikipedia.org.
Tailored Brands said that its strengthened capital structure now consists of a $430 million ABL facility, an exit term loan of $365 million, and $75 million of cash from a new debt facility.
The retailer’s brands of suits, formalwear and business casual offerings include Men’s Wearhouse, Moores Clothing for Men, Jos. A. Bank, and K&G.
In July 2020, Tailored Brands revealed plans to close 500 stores, while laying off nearly 20% of its corporate jobs.