Clothing retailer Today's Man Inc has filed for Chapter 11 protection listing assets of $37.8 million and debts of $36.5 million.

The Moorestown, NJ, retailer, which specialises in tailored clothing, sportswear and shoes, issued a statement to say that: "The decision to file for bankruptcy was difficult, but we feel it represents the most viable approach for our business."

The operator of 29 men's wear stores in the Philadelphia, New York and Washington, DC areas also announced that from March 3, Bruce Weitz was no longer president and CEO of the company.

Frank Johnson added: "We are grateful for the constructive relationships with our suppliers and the loyalty and commitment of our associates. The continued support of our suppliers and associates will play an important role in our ongoing efforts."