US menswear retailer Tailored Brands, owner of the Men’s Wearhouse, Jos. A. Bank, Moores Clothing for Men and K&G brands, has emerged from Chapter 11 protection having completed its financial restructuring.
In a statement, the company said it has implemented its plan of reorganisation confirmed by the US bankruptcy court last month.
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It cited a “significantly bolstered” financial position, having eliminated US$686m of debt from its balance sheet and the full support of its new owners.
“Be assured that, while addressing our underlying financial challenges precipitated by the unprecedented impact of Covid-19, we continued to strengthen our business and brands with efforts focused on expanding our omni-channel capabilities to provide even greater convenience for our customers, curating our merchandise assortments to align with today’s needs and trends, and launching new partnerships that appeal to existing and new customers,” said CEO Dinesh Lathi.
“As a result, we are confident we are well-positioned for the future and look forward to building upon this momentum as we enter this next chapter.”
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The company filed for Chapter 11 bankruptcy protection in August.
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