After months of speculation and preparation, Tailored Brands has joined the retail parade in bankruptcy court.
“As evidenced by the positive results we saw in January and February, we have made significant progress in refining our assortments, strengthening our omni-channel offering and evolving our marketing channel and creative mix. However, the unprecedented impact of COVID-19 requires us to further adapt and evolve,” said Tailored Brands president and chief executive officer Dinesh Lathi.
As of the end of the first quarter on May 2, Tailored Brands had cash and cash equivalents of $244.2 million and its total debt stood at $1.4 billion. Like most other retailers, Tailored Brands has been hard hit by the pandemic, and as a merchant with a strong dependence on tailored clothing, it has also been impacted by the trend toward more casual attire by many men, especially in the past few months as most have been working from home.
For two years following the acquisition, Ewert took heat from Wall Street as he worked tirelessly to turn the Bank business around. Bank’s aggressive promotional strategy — as much as “buy one, get seven free” at one point — was revamped, some 250 stores were closed, and a restructuring strategy initiated. But it also put him at loggerheads with Lathi, executive chairman of the board. After Ewert’s departure, Lathi moved into the top role shortly thereafter.
Source: News Formal (newsformal.com)
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