“Men’s Wearhouse owner Tailored Brands plans to shut 500 stores, cut 20% of corporate workforce”
July 21, 2020
“Tailored Brands said it is eliminating roughly 20% of its corporate workforce by the end of its fiscal second quarter. It also said it has selected up to 500 stores that it could close “over time.” It did not disclose locations… Earlier this month, Tailored Brands skipped a $6.1 million payment to bondholders, triggering a 30-day grace period…
With the layoffs, Tailored Brands said it expects to record a pretax charge of roughly $6 million in the second quarter for severance payments and other termination costs, all of which are cash expenses. It said it has not yet quantified how much it will save from the store closures…”