March 11, 2016
Looking to understand more about what’s happening in the retail sector? Attend Connect Retail West on March 16th at the Conga Room.
Tailored Brands, parent of the former Men’s Wearhouse, is closing roughly 250 stores this year, including 80 to 90 of its full-price Jos A. Bank stores.
Sales are expected to continue worsening this year, after revenues at Jos. A Bank were battered following its decision last fall to discontinue a popular promotion of “Buy One, Get Three” free.
The Fremont-Calif.-based company is taking actions it believes will “right-size” its store base and optimize its cost structure. Men’s Wearhouse, which changed its name to Tailored Brands in January, acquired the Jos. A. Bank label for $1.8 billion in 2014. The goal is to reduce expenses by $50 million.