Tailored Brands Provides Third COVID-19 Update
26 Marzo 2020 - 11:45AM
Business Wire
Tailored Brands, Inc. (NYSE: TLRD) today announced that, based
on the latest guidance from federal, state and local government and
health authorities, and in the interest of the health and safety of
its customers and employees, the Company will extend the temporary
closure of its retail stores until at least May 4, 2020.
“Our top priority will always be the wellbeing of our employees,
customers and communities, and we will continue to take whatever
actions we deem necessary to serve this priority,” said Tailored
Brands President and CEO Dinesh Lathi.
In conjunction with the decision to extend the store closure
window, Tailored Brands announced it would implement additional
cost reductions, including furloughing all U.S. store employees as
well as a significant portion of employees in its distribution
network and offices. The Company will also implement tiered pay
cuts for the CEO, executive vice presidents and senior vice
presidents, for those who will be working full time during the
period. Lathi and the Board of Directors will be taking a 50
percent pay reduction during the period.
Lathi added, “It was a very difficult decision to furlough
employees and one that we did not take lightly; however, this is an
important step to ensure the durability of our Company and the
livelihood it provides for so many. We are working to support our
furloughed employees through our continued benefit programs,
information about jobs that may be open in their areas and
information on government resources. We will continue to monitor
the situation carefully and look forward to bringing our employees
back to work as soon as possible.”
While its e-commerce fulfillment operations are currently
suspended, the Company is reviewing if it can restart these
operations in a way that protects employee health and is cash flow
positive. In the interim, customers may continue to place orders
online to be shipped as soon as the fulfillment centers reopen.
The Company will continue to monitor this ongoing situation,
relying on recommendations from the Centers for Disease Control and
Prevention (CDC), the World Health Organization (WHO) and
government officials to determine when its closed facilities will
reopen.
About Tailored Brands, Inc.
Tailored Brands is a leading omni-channel specialty retailer of
menswear, including suits, formalwear and a broad selection of
business casual offerings. We help our customers look and feel
their best by delivering personalized products and services through
our convenient network of stores and e-commerce sites. Our brands
include Men's Wearhouse, Jos. A. Bank, Moores Clothing for Men and
K&G.
For additional information on Tailored Brands, please visit the
Company’s websites at
www.tailoredbrands.com, www.menswearhouse.com, www.josbank.com, www.mooresclothing.com,
and www.kgstores.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200326005193/en/
Investor Relations (281) 776-7575 ir@tailoredbrands.com
Julie MacMedan,
VP, Investor Relations
Tailored Brands, Inc.
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