Tailored Brands May File Bankruptcy

Tailored Brands Inc. (Houston, Texas) may be filing for bankruptcy in the near future, WWD reports.

The company, which owns and operates Jos. A. Bank and Men’s Wearhouse, reportedly said in a filing submitted to the Securities and Exchange Commission Monday, “We have determined that there is substantial doubt about our ability to continue as a going concern. Although we are evaluating several alternatives, it is likely that we will pursue a reorganization under applicable bankruptcy laws, possibly as soon as during the third quarters of fiscal 2020, which begins on Aug. 2, 2020.”

The company missed a $6.1 million interest payment on July 1 and is under a 30-day grace period that runs out this week, according to WWD. Tailored Brands reportedly lost $269.9 million and sales fell 60 percent to $286.7 million for the quarter that ended May 2.