Tailored Brands to Close 250 Men’s Wearhouse and Jos. A. Bank Stores
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.