As employees continue to dress more casually as they work from home due to the coronavirus pandemic, the owner of suit-sellers Men’s Wearhouse and Jos A. Bank filed for Chapter 11 bankruptcy on Sunday.
Tailored Brands, which also owns Moores Clothing for Men and K&G Fashion Superstore, recently announced plans to close up to 500 stores and cut around 20% of its corporate jobs because of the financial damage done by the pandemic. As of February, the company said that they have 19,300 employees, with 1,274 stores in the U.S. and 125 more in Canada.
The company is far from the only clothing brand to file for bankruptcy over the last few months, as other shopping-mall staples like Brooks Brothers, J.C. Penney, Neiman Marcus and J. Crew have all faced similar difficulties. In addition, though they haven’t filed for bankruptcy, retailers like Victoria’s Secret; Nordstrom; and the company that owns Kay, Zales and Jared Jewelers have all announced plans to shutter some of their locations.
