Men’s Wearhouse in Pasadena to Remain Open

Men’s Wearhouse in Pasadena will remain open despite a bankruptcy filing last week by the store owners, Tailored Brands.

Tailored Brands is closing 500 stores as it restructures in bankruptcy, including the nearby Jos. A. Bank, which is located on South Lake Avenue. The local Men’s Wearhouse store is also the Avenue, at 406 S. Lake.

The fate of the company has been in limbo since June when reports of a pending bankruptcy reached the mainstream press.

Rocked by the coronavirus, year-over-year sales of men’s formal clothing fell 74 percent between April and June, according to GlobalData Retail.

At least nine retailers filed for bankruptcy protection last month, including Ascena, owners of Lane Bryant, which earlier closed its Pasadena store.

According to CNN, Tailored Brands 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.