Tailored Brands, which owns both Men's Wearhouse and Jos. A Bank, filed for bankruptcy yesterday, saying that its sales had plummeted since the beginning of the pandemic, endangering the company's already tenuous existence.
The same day, department store chain Lord & Taylor, which was acquired less than a year ago by Canada-based fashion-rental subscription service Le Tote Inc., also filed for bankruptcy.
The Wall Street Journal writes that Tailored Brands "warned in late July that it had substantial doubt about its ability to continue as a going concern." It also said it "would lay off 20% of its corporate staff, reduce its supply-chain footprint and close as many as 500 retail locations."
Lord & Taylor, the Journal writes, "temporarily closed its 38 bricks-and-mortar locations in March but has continued to operate through online channels as restrictions on nonessential shopping went into effect during the coronavirus pandemic. In court papers, the company said it would conduct going-out-of-business sales at the Lord & Taylor stores, anticipating a liquidation of the bricks-and-mortar footprint."
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I can't comment on this any better than Willie Nelson…