Tailored Brands to Close 250 Men’s Wearhouse and Jos. A. Bank Stores
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Tailored Brands Inc., the former Men’s Wearhouse, will close roughly 250 stores, including all its outlet stores, seeking to revamp operations after ending the year with a $1 billion net loss. The loss was driven by $1.2 billion in impairment charges as it wrote down the value of Jos. A. Bank, its one-time rival, which Men’s Wearhouse bought in 2014 for $1.8 billion. At the time, however, the suit makers’ tie-up was seen as giving the combined company more leverage with suppliers and delivering savings from back-office operations and advertising.