July 22, 2020
Fremont, CA-based Tailored Brands, Inc. is implementing a series of operating and organizational changes that include potentially closing up to 500 stores and eliminating roughly 20% of its corporate positions by the end of the fiscal second quarter. The company is also planning to reduce and realign its store organization, supply chain infrastructure and organization aligned with the new store footprint and e-commerce business.
Tailored Brands’ Dinesh Lathi says, “We have safely reopened almost all of our retail stores and look forward to helping our customers look and feel their best for their moments that matter. 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.”
Jack Calandra, EVP, CFO and Treasurer, will leave Tailored Brands at the end of the month. Calandra’s responsibilities will be divided between Lathi and Holly Etlin, a Managing Director at AlixPartners, who has been appointed to the newly created role of Chief Restructuring Officer.
The omni-channel specialty retailer of menswear includes such brands as Men’s Wearhouse, Jos. A. Bank, Moores Clothing for Men and K&G.
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