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Men’s Wearhouse, Jos. A. Banks parent Tailored Brands files for bankruptcy: report

Menswear Store Tailored Brands Inc. TLRD,
-21.23%,
the parent company of Men’s Wearhouse and Jos. A. Banks, requested Chapter 11 bankruptcy protection on Sunday, reported the Wall Street Journal. The clothing manufacturer has been hit hard by pandemic store stops and reported last month sales in the first quarter were down 60%. Since July 1, Tailored Brands has missed bond interest payments, cut its workforce by 20%, announced plans to close up to 500 stores, and was notified of the listing on the New York Stock Exchange. The company had more than 1,400 stores in the United States and Canada as of February 1 and employed more than 1,900 people. Earlier in the day, fellow troubled retailer Lord & Taylor also filed for bankruptcy.

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