1 comment
One Pasadena men’s clothing store will close and another’s fate is unknown.
On Sunday, Tailored Brands, owners of Men’s Wearhouse and Jos. A. Bank became the latest casualty of the novel coronavirus.
The company announced it will close the Jos. A. Bank store on South Lake Avenue.
Men’s Wearhouse also has a store on South Lake Avenue. Men’s Wearhouse closures have not yet been announced.
The coronavirus shutdowns have rocked the men’s clothing industry. Year-over-year sales of men’s formal clothing fell 74 percent between April and June, according to GlobalData Retail.
Pasadena Now reported the then-pending bankruptcy in June.
“Reaching an agreement with our lenders represents a critical milestone toward our goal of becoming a stronger company that has the financial and operational flexibility to compete and win in the rapidly evolving retail environment,” said CEO Dinesh Lathi in a prepared statement.
According to CNN, the company has filed for Chapter 11 bankruptcy protection in a district court in Texas to implement a restructuring plan that has the support of 75 percent of its lenders.
The plan is expected to reduce its debt by at least $630 million and ensure it can keep operating.
According to BankruptcyData.com, more than 20 private and public retailers have declared bankruptcy this year, CNN reported.
At least nine retailers filed bankruptcy last month, including Ascena, owners of Lane Bryant and Lou & Grey, which is closing its Pasadena store.
Get our daily Pasadena newspaper in your email box. Free.
Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m.
