Men’s Wearhouse owner Tailored Brands Inc. said yesterday that it may have to seek bankruptcy protection or discontinue operations, if the Covid-19 crisis continues to pummel sales, Reuters reported. The retailer said it has taken “decisive actions to manage liquidity”, including borrowing money, while opening nearly half of its stores across the U.S. and Canada. The pandemic has added to Tailored Brands’ woes, as it had already been struggling with competition from fast-fashion brands and a shift to online shopping. As of May 2, the company had long-term debt of $1.4 billion and $244.2 million of cash and cash equivalents. First-quarter net sales for the retailer, which also owns men’s clothing store Jos. A. Bank, plunged 60.4 percent as stores were closed due to coronavirus-led nationwide lockdowns.
