There will be bargains out there...
Tailored Brands, the parent company of Men’s Wearhouse, Jos. A. Bank and other men’s fashion brands, announced Sunday it has filed for Chapter 11 bankruptcy.
The company hopes the bankruptcy filing will help alleviate its $630 million debt.
It was also announced in July that up to 500 stores have been identified that could potentially close “over time.”
Tailored Brands said the coronavirus pandemic has caused it to implement “a series of operating and organizational changes.”
A list of potentially affected stores has not yet been released.
The company also operates K&G Fashion Superstore and Moores Clothing for Men.
In New Jersey, there are currently 13 Men’s Wearhouse, 12 Jos. A. Bank and five K&G Fashion Superstores. There are no Moores Clothing for Men stores in the U.S., since it’s based in Canada.
Although not marketed as a liquidation sale, Men’s Wearhouse is offering up to 70% off on clearance items, while Jos. A. Bank is holding a “Super Tuesday” sale. K&G Fashion Superstore is also having a summer clearance sale where you can find items for up 75% off.
It has been a rough few months for the brick-and-mortar retail industry, which already had been struggling.
JCPenney, Brooks Brothers, New York & Company, Sur La Table, Pier 1 Imports and Lucky Brand have all filed for bankruptcy during the coronavirus pandemic.
Tailored Brand has also recently announced that up to 500 stores could potentially close.
www.nj.com