Tailored Brands, which owns Men's Wearhouse and Jos. A. Bank, announced on Tuesday that they would be closing up to 500 stores due to the coronavirus pandemic.
The company said in a press release that they would cut 20% of its corporate jobs by the end of the fiscal second quarter.
“We have safely reopened almost all of our retail stores and look forward to helping our customers look and feel their best for their moments that matter," Tailored Brands President and CEO Dinesh Lathi said in the press release. "Unfortunately, due to the COVID-19 pandemic and its significant impact on our business, further actions are needed to help us strengthen our financial position so we can navigate our current realities. It is always difficult to eliminate jobs and say farewell to our friends and colleagues. I want to thank our teammates affected by these changes as well as those who continue to help us meet the challenges currently facing our industry and who remain dedicated to serving our customers.”
The clothing company also announced that Chief Financial Officer Jack Calandra was leaving on July 31 and they appointed restructuring consultancy AlixPartners managing director Holly Etlin as their Chief Restructuring Officer.