The mammoth men’s retailer Tailored Brands, which primarily operates the Men’s Wearhouse and Jos. A. Banks clothiers, has announced plans to close “up to 500 stores” at an unspecified date.
“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,” Tailored Brand’s resident, Dinesh Lathi, said Tuesday in a news release.
“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 chain isn’t disclosing which locations are slated to shut down or when those closures are likely to take affect, a spokeswoman said. But the holding company has 43 locations in Maryland according to its website: 19 Men’s Wearhouse, 18 Jos. A. Banks and 6 K&G Fashion Superstores.
According to the commercial data company Dun & Bradstreet, Tailored Brands operates about 1,400 retail stores in the U.S. and Canada and has about 19,300 employees.
Tuesday’s announcement is merely the most recent in a string of high-profile store closures this year, from such high-end retailers as Bloomingdale’s and Brooks Brothers to more populist chains like K-Mart and JC Penney to the seemingly ubiquitous Starbucks cafes.
Forbes magazine has calculated that more than 10,000 stores nationwide will close in 2020.
In addition to the store closures, Tailored Brands also is slashing its corporate workforce by 20% by the end of the second fiscal quarter, the release said.
Chief Financial Officer Jack Calandra is leaving the company July 31, the release said, while Holly Etlin will report to Lathi in the newly created role of Chief Restructuring Officer.
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