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TAILORED BRANDS APPLIED TO POSTPONE BANKRUPTCY
According to the report in Reuters, Tailored Brands applied to postpone bankruptcy.
Yazar: Tom Roberts
Yayınlanma: 3 Ağustos 2020 13:56
Güncellenme: 19 Nisan 2024 12:52
TAILORED BRANDS APPLIED TO POSTPONE BANKRUPTCY
Tailored Brands, the owner of the famous American apparel brand Men's Wearhouse, has also become one of the retailers who have been unable to withstand the economic effects of the corona virus epidemic. According to the report in Reuters, Tailored Brands applied to postpone bankruptcy. In a statement from Tailored Brands, it was stated that an agreement was reached with 75 percent of senior creditors. Thus, it was recorded that the debt would decrease by $ 630 million. The South Texas District Court listed the company's assets and liabilities between $ 1 billion and $ 10 billion. Tailored Brands announced that the labor force will be reduced by 20 percent, and 500 stores will be closed by focusing on internet sales. The company is owned by Men's Wearhouse, Jos. A. Bank also announced that Moores Clothing for Men and K&G Fashion Superstore brands will continue to serve customers.Both the need for suit-style clothing with the transition from home to work, and the stores' being closed during the quarantine process hit the retailers heavily. Thousands of people in the industry had to go for free leave. Founded in 1826 yesterday, Lord & Taylor, the oldest US store chain, filed for bankruptcy. Le Tote, which bought the brand for $ 100 million last year, prepared a detailed plan to transform the brand. However, this plan was interrupted as the stores remained closed during the corona virus outbreak. Textile companies Neiman Marcus, J. Crew, J.C. Penney and Brooks Brothers filed for bankruptcy.
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