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Men's Wearhouse parent Tailored Brands to cut corporate workforce by 20%, close up to
Men's Wearhouse parent Tailored Brands to cut corporate workforce by 20%, close up to 500 stores
Shares of Tailored Brands Inc. sank 6.9% toward a record low in premarket trading Tuesday, after the parent of apparel retailers Men's Wearhouse and Jos. A. Bank said it expects to cut about 20% of its corporate workforce and close up to 500 stores given the impact of the COVID-19 pandemic on its business. The company expects to record a $6 million charge in the second quarter for severance payments and other termination costs. The company said it is realigning its store organization and supply chain to help support its store footprint going forward and its ecommerce business. Separately, Tailored Brands said Chief Financial Officer Jack Calandra will leave the company as of July 31; he joined as CFO in January 2017. The stock has tumbled 83.1% year to date through Monday, while the S&P 500 has gained 0.7%.
https://finance.yahoo.com/m/4e06fbd...2f3/men's-wearhouse-parent.html?.tsrc=rss
Men's Wearhouse parent Tailored Brands to cut corporate workforce by 20%, close up to 500 stores
Shares of Tailored Brands Inc. sank 6.9% toward a record low in premarket trading Tuesday, after the parent of apparel retailers Men's Wearhouse and Jos. A. Bank said it expects to cut about 20% of its corporate workforce and close up to 500 stores given the impact of the COVID-19 pandemic on its business. The company expects to record a $6 million charge in the second quarter for severance payments and other termination costs. The company said it is realigning its store organization and supply chain to help support its store footprint going forward and its ecommerce business. Separately, Tailored Brands said Chief Financial Officer Jack Calandra will leave the company as of July 31; he joined as CFO in January 2017. The stock has tumbled 83.1% year to date through Monday, while the S&P 500 has gained 0.7%.
https://finance.yahoo.com/m/4e06fbd...2f3/men's-wearhouse-parent.html?.tsrc=rss
