Tailored Brands, the parent company of Men’s Wearhouse and JoS. A. Bank., filed for bankruptcy Sunday, becoming the latest U.S. retail casualty of joint economic and health crises plaguing the embattled sector.
The company said in a statement that it filed for Chapter 11 bankruptcy protection in Texas in a restructuring bid supported by three-quarters of its lenders. If approved, the plan is expected to ensure continued operations while reducing the company’s debt by at least $630 million.
The bankruptcy of Men's Warehouse's owner lifted the retail default rate to 18.3% over the prior 12 months, vs 16.9% at the end of July: Fitch Ratings. https://t.co/H61Gh67UCb
— Lisa Abramowicz (@lisaabramowicz1) August 3, 2020
“Reaching an agreement with our lenders represents a critical milestone toward our goal of becoming a stronger company that has the financial and operational flexibility to compete and win in the rapidly evolving retail environment,” Tailored Brands CEO Dinesh Lathi said in the statement.
The group, which also owns Moores Clothing for Men and K&G Fashion Superstore, intends to continue serving consumers and paying staff throughout the restructuring process, but at least 100 locations are slated for imminent closure as part of a previously announced plan to cut about 20% of its corporate jobs and shutter about one-third of its more than 1,300 locations in the United States and Canada.
According to USA Today, Tailored Brands had about 19,300 employees as of Feb. 1, representing 1,274 stores in the United States and 125 stores in Canada.
More than 20 private and public retailers – including high-profile brands such as Brooks Brothers, Neiman Marcus and Lord & Taylor – have declared bankruptcy to date in 2020, according to BankruptcyData.com, CNN Business reported.
In last 24 hrs.. more #retail bankruptcies:
— Jo Ling Kent (@jolingkent) August 3, 2020
👗 Lord & Taylor
👔 Men’s Wearhouse, JoS. A Bank parent company
Corsesight Research recently told me rest of 2020 holds “significantly more bankruptcies.” Both chapter 11 and 7.
Store closures to hit 35,000-40,000 this year alone.
According to a court filing cited by USA Today, here is the list of the first 100 Tailored Brands stores expected to close:
JoS. A. Bank store closing list:
California
• Emeryville: 5755 Christie Ave.
• Pleasanton: 2511 Stoneridge Mall Road
• Pasadena: 345 S. Lake Ave., Suite 104
• La Jolla: 7730 Girard Ave., Suite 102
• Rancho Cucamonga: 12447 S. Mainstreet
• San Mateo: 208 E. 3rd Ave.
• Palo Alto: 270 University Ave.
• San Francisco: 390 Sutter St.
• Los Gatos: 150 W. Main St.
• El Segundo: 740 S. Allied Way, Suite A
• Walnut Creek: 1403 N. Main St.
• Carlsbad: 1923 Calle Barcelona, Suite 139
• Sherman Oaks: 14006 Riverside Dr., Suite 91423
• San Jose: 925 Blossom Hill Rd., Suite 1509
• Seal Beach: 12221 Seal Beach Blvd.
Colorado
• Littleton: 7301 S. Santa Fe Dr., Unit 728
Connecticut
• Canton: 110 Albany Turnpike. Suite 505
• Southbury: 775 Main St. South, Suite 25
• Cos Cob: 409 E. Putnam Ave.
District of Columbia
• D.C.: 50 Massachusetts Ave. NE
• D.C.: 555 11th St. NW
Florida
• Jacksonville: 10300 Southside Blvd., Suite 142
• Sarasota: 215 N. Cattlemen Road
• Sarasota: 8201 S. Tamiami Trail., Unit A32
• Boca Raton: 5050 Town Center Circle, Suite 213
• Fort Lauderdale: 2434 E. Sunrise Blvd., Spc. Q3
• Coral Gables: 336 Miracle Mile
Georgia
• Atlanta: 265 18th St. NW Suite 4180
• Atlanta: 4500 Olde Perimeter Way Suite 100 #1200
Illinois
• Wilmette: 1199 Wilmette Ave., Suite 1
• Highland Park: 1850 2nd St., Suite 100
• Chicago: 1847 N. Clybourn Ave.
• Chicago: 500 W. Madison St., Lobby 1
• Naperville: 55 S. Main St. Suite 1-C
• Algonquin: 2200 S. Randall Road
• Lincolnshire: 970A Milwaukee Ave.
Louisiana
• Lafayette: 1900 Kaliste Saloom Road, Suite 200
Maryland
• Baltimore: 100 E. Pratt (JoS. A. Bank)
• Rockville: 1401 Rockville Pike Suite 150
• Severna Park: 563 Ritchie Highway 565
• Gaithersburg: 201 Boardwalk Place
• Germantown: 20936 Frederick Road
Massachusetts
• North Andover: 111 Turnpike St. Spc. 6RT
• Braintree: 30 Forbes Road, Suite 1
• Lynnfield: 320 Market St.
Minnesota
• Roseville: 805 Rosedale Center, Suite 905
Nebraska
• Lincoln: 6005 O St., Suite H
New Jersey
• Summit: 447 Springfield Ave.
New York
• Woodbury: 8069 Jericho Turnpike
• Syracuse: 306 Hiawatha Blvd. West, Suite L-206
• Buffalo: 1 Walden Galleria, Spc. TH174
• Horseheads: 3345 Chambers Road, Suite 10
• Mount Kisco: 36 E. Main St.
• New York: 111 Broadway, Lobby B
• Stony Brook: 97 Main St., Suite K
• Nanuet: 8137 Fashion Drive
Oregon
• Portland: 9611 SW Washington Square Road
Pennsylvania
• Philadelphia: 8400 Germantown Ave., Suite 3
Tennessee
• Collierville: 4610 Merchants Park Circle, Suite 561
• Murfreesboro: 2615 Medical Center Parkway, Suite 2090
Texas
• Houston: 1200 Smith St., Suite 1200
• Amarillo: 3350 S. Soncy Road, Suite 108
Virginia
• Dulles: 21100 Dulles Town Circle, Suite 125
Men’s Wearhouse store closings list:
California
• Greenbrae: 2048 Redwood Highway
• Redwood City: 2505 El Camino Real
• Lake Forest: 23700 El Toro Road, Suite A
• West Covina: 1420 Plaza Drive
• Redlands: 27530 W. Lugonia Ave.
Connecticut
• Westport: 950 Post Road East
Florida
• Ocala: 3100 SW College Road, Suite 328
• West Palm Beach: 4256 Okeechobee Blvd.
• Sunrise: 12605A W. Sunrise Blvd.
Kansas
• Lenexa: 9320 Marshall Drive
Illinois
• Oak Lawn: 4954 W. 95th St.
• Wilmette: 3232 Lake Ave., Suite 190
Kentucky
• Paducah: 5101 Hinkleville Road, Suite 530
Maryland
• Towson: 825 Dulaney Valley Road, Suite 4340
Massachusetts
• Cambridge: 100 Cambridgeside Place, Spc W225
• Boston: 376 Boylston St.
• Newton: 215 Needham St.
• Westwood: 215 University Ave.
• Worcester: 424 Belmont St.
New York
• New York: 1219 3rd Ave.
• New York: 1 Park Ave.
• Yorktown Heights: 650 Lee Blvd. Suite J03A
North Carolina
• Gastonia: 246 N. New Hope Road
• Raleigh: 4325 Glenwood Ave., #239
Oregon
• Beaverton: 11915 SW Canyon Road, Suite A
Pennsylvania
• Pittsburgh: 6521 Robinson Center Drive
• Stowe: 245 Upland Sq. Drive
Rhode Island
• Warwick: 685 Bald Hill Road
Tennessee
• Collierville: 10210 Collierville Road, Suite 101
Texas
• Houston: 11081 Westheimer Road, Suite A
• Plano: 2401 Preston Road
Virginia
• Richmond: 9101 W. Broad St.
Moores store closings list
Quebec
• Boucherville: 582 Chemin De La Touraine
• Gatineau: 81 Boulevard De La Gappe
• Gatineau: 55 Boulevard Du Plateau
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