World News – US – Men’s Wearhouse Parent Reduces $ 686 Million Debt if Bankruptcy Ends

The retail group – parents of the men’s clothing store, Jos. ONE. Bank, Moores Clothing for Men and K&G Fashion Superstore brands today announced that they have completed their financial restructuring process and implemented their reorganization plan, which was confirmed in mid-November. He managed to dispose of $ 686 million in debt and left Chapter 11 with a « significantly strengthened » balance sheet.

« Rest assured that despite addressing our financial challenges caused by the unprecedented impact of COVID-19, we have continued to strengthen our business and brands, » said President and CEO Dinesh Lathi to our customer even more To provide comfort; Curating our product ranges to meet today’s needs and trends; and start exciting new partnerships that appeal to existing and new customers. ”

He added, “As a result, we are confident that we are well positioned for the future and look forward to building on that momentum as we move into this next chapter. ”

Tailored Brands now has an asset-based credit facility of 430 million. USD 365 million exit term loan. USD and 75 million cash. USD from a new credit facility. The exit funding is expected to support ongoing operations and enable its strategic initiatives to be implemented.

The Houston-based company filed for bankruptcy in early August as the coronavirus pandemic reduced demand for work wear, suits, and formal fashions as many Americans who stayed indoors stayed indoors.

As the process continued beyond Chapter 11, Tailored Brands announced the permanent closure of dozen of men’s wearhouse stores across the country. Court documents showed the company planned to close more than 30 Men’s Wearhouse outposts as well as 70 units of other brands for a total of 100 locations in the first round of shutdowns.

According to a report four months ago, the retail group had around 19. 300 employees. The company operated 1. 274 stores in the US and 125 stores in Canada.

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Tailor-made brands, men’s clothing, finance, JoS. ONE. Bank Clothiers, Restructuring