FILE PHOTO: A Tailored Brands Men’s Wearhouse store is seen in New York City, U.S., July 31, 2020. REUTERS/Brendan McDermid
August 3, 2020
(Reuters) – Men’s Wearhouse owner Tailored Brands <TLRD.N> filed for bankruptcy on Sunday, adding to a list of brick-and-mortar retailers that have succumbed to the economic fallout from the COVID-19 crisis.
The retailer filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas, according to a court filing.
The company listed both its assets and liabilities in the range of $1 billion to $10 billion.
Apparel retailers have been among the worst hit from the coronavirus crisis as their businesses were considered non-essential and their stores had to be closed.
Tailored Brands said last week it could consider filing for bankruptcy as soon as the third quarter, hit by a plunge in sales.
The company was already struggling with competition from fast-fashion brands and a shift to online shopping before the pandemic, and said in July it would reduce its corporate workforce by 20% and shut as many as 500 stores.
Lord & Taylor, a storied department store chain founded in 1826, billed as the oldest in the United States, also filed for Chapter 11 bankruptcy on Sunday.
(Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Aditya Soni)
