Men's Wearhouse and Jos. A. Bank parent is closing about 500 stores and laying off 20% of its workers
Tailored Brandsis 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.
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
"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.
- Samsung launches Galaxy S23, S23 Plus and S23 Ultra - All you need to know about the new flagship phones
- First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming
- Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price
- Budget Impact: 10 stocks that stand to gain from FM’s announcements
- Budget to boost confidence of global investors and rating agencies on the India story