Tailored Brands, the owner of Men Wearhouse and Jos A. Bank, filed for Chapter 11 bankruptcy, becoming the latest US retail casualty of the pandemic.
Tailored Brands said in a statement that it voluntary filed Chapter 11 bankruptcy protection on Sunday in the US Bankruptcy Court in Houston due to “the unprecedented impact of COVID-19.”
The company expects its four retail brands to continue to operate during the restructuring process, and said it has reached an agreement with lenders to reduce debt by $630 million.
This follows Tailored Brands decision on July 21 to eliminate about 20% of its corporate workforce and close up to 500 stores as it deals with a “challenging retail environment.”
Lord and Taylor also filed for Chapter 11 bankruptcy protection on Sunday, according to court documents.