Men’s Wearhouse, Jos. A. Bank, K&G and Lord & Taylor file for bankruptcy
Published 7:39 am Monday, August 3, 2020
- Jos A. Bank Clothiers headquarters in Hampstead, MD. The owner of Men's Wearhouse and Jos. A. Bank filed for bankruptcy on Sunday and so did Lord & Taylor, the oldest U.S. department store. (Kenneth K. Lam/The Baltimore Sun/TNS)
The owner of Men’s Wearhouse and Jos. A. Bank filed for bankruptcy on Sunday and so did Lord & Taylor, the oldest U.S. department store.
Both were expected to be added to growing list of U.S. retail companies that can’t fix the COVID-19 pandemic damage to their businesses without shedding debt and weak store locations under the protection of bankruptcy. About 40 retail companies have filed for bankruptcy so far this year and that’s more than all of last year.
Tailored Brands filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas in Houston and Corpus Christi which is also handling the bankruptcy cases of Dallas-based Neiman Marcus, Plano-based J.C. Penney .
The men’s apparel company said it has received support for its restructuring from 75% of its senior lenders. It expects to shed $630 million in debt and emerge from bankruptcy. It has a $500 million loan from its existing lenders to use to operate in bankruptcy and convert it to a new loan to use to exit Chapter 11.
Last month, Tailored Brands said it would close 500 stores, but it hasn’t yet said which locations will close. Tailored Brands owns two more men’s apparel brands, K&G in the U.S. and Moores Clothing for Men, a chain of 126 stores in Canada.
Lord & Taylor, which was founded in 1826, lists 38 stores on its website, all in the east and Midwest.