Tailored Brands files for bankruptcy as pandemic hammers sales, Retail News, ET Retail

Lynn Imbier

Men’s Wearhouse operator Tailor-made Brands submitted for personal bankruptcy on Sunday, incorporating to a listing of brick-and-mortar merchants that have succumbed to the economic fallout from the COVID-19 disaster.

The retailer submitted for Chapter eleven personal bankruptcy in the U.S. Individual bankruptcy Court docket for the Southern District of Texas, in accordance to a courtroom submitting.

The company outlined both its assets and liabilities in the array of $1 billion to $10 billion.

Clothing merchants have been among the worst hit from the coronavirus disaster as their companies were considered non-vital and their outlets experienced to be closed.

Tailor-made Brands stated last 7 days it could take into account submitting for personal bankruptcy as quickly as the 3rd quarter, hit by a plunge in revenue.

The company was previously battling with opposition from rapid-manner brand names and a shift to on the internet buying ahead of the pandemic, and stated in July it would minimize its corporate workforce by 20{cbf6da10fac2230370cea9448ed9872290737d25c88b8c8db3eefaf8c399e33d} and shut as many as 500 outlets.

Lord & Taylor, a storied division retail outlet chain established in 1826, billed as the oldest in the United States, also submitted for Chapter eleven personal bankruptcy on Sunday. (Reporting by Sabahatjahan Contractor in Bengaluru Editing by Aditya Soni)

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