Tailored Brands said yesterday that it has emerged from bankruptcy protection following a financial restructuring process that helped the U.S. men's fashion retailer eliminate $686 million of debt from its balance sheet, Reuters reported. The Houston-based company in August filed for chapter 11 protection, joining a list of brick-and-mortar retailers succumbing to the hit from the COVID-19 pandemic. It confirmed a restructuring plan last month that consisted of a $430 million lending facility. Tailored Brands said on Tuesday it now operates with a capital structure that includes an exit term loan of $365 million, which it expects will support its ongoing operations and strategic initiatives. The company in July announced plans to cut its workforce by 20 percent and shut as many as 500 stores, in response to the impact of the pandemic.
