- Tailored Brands is closing as many as 500 stores and making cuts to its headcount as it weathers the effects of the coronavirus pandemic.
- The company, which operates Men’s Wearhouse, Jos. A. Bank, Moores Clothing for Men, and K&G, said it expected to lay off roughly 20% of its workforce by the end of the second quarter.
- CFO Jack Calandra is also departing.
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Tailored Brands, parent company of Men’s Wearhouse, Jos. A. Bank, Moores Clothing for Men, and K&G, said Tuesday it plans to permanently shutter about 500 stores.
It also said it expects to lay off roughly 20% of its workforce by the end of its second fiscal quarter.
In a statement, president and CEO Dinesh Lathi said it made these decisions as it weathers the effects of the coronavirus pandemic.
“We have safely reopened almost all of our retail stores and look forward to helping our customers look and feel their best for their moments that matter. Unfortunately, due to the COVID-19 pandemic and its significant impact on our business, further actions are needed to help us strengthen our financial position so we can navigate our current realities,” Lathi said.
“It is always difficult to eliminate jobs and say farewell to our friends and colleagues. I want to thank our teammates affected by these changes as well as those who continue to help us meet the challenges currently facing our industry and who remain dedicated to serving our customers. While today’s announcement is a difficult one, we are confident these are the right next steps to protect our business and position us to more effectively compete in today’s environment.”
The company did not disclose which stores would shutter and said the closures would occur “over time.”
Tailored Brands also announced that CFO Jack Calandra would be departing the company. His duties will be split between Lathi and Holly Etlin, who has also been named Chief Restructuring Officer.