FTI Consulting is handling communications for the bankruptcy filing of Tailored Brands, parent company of Men’s Wearhouse, Jos A. Bank, Moore’s Clothing for Men and K&G Fashion Superstore retail chains, a move that will cut debt by at least $630M.
The filing follows last month's decision to close up to 500 stores, cut corporate headcount 20 percent and recruit Holly Etlin, managing director at AlixPartners, as chief restructuring officer with the departure of CFO Jack Calandra.
CEO Dinesh Lathi said though Tailored Brands made significant progress in strengthening its operations, the “unprecedented impact of COVID-19 requires us to further adapt and evolve.”
The Chapter 11 filing marks an “a critical milestone toward our goal of becoming a strong company that has the financial and operational flexibility to compete and win in the rapidly evolving retail environment,” said Lathi.
FTI’s Stephanie Randall works the Tailored Brands account.