Home / Knowledge / News / Apparel/Garments / Tailored Brands to rightsize store base in FY16
Tailored Brands to rightsize store base in FY16
12
Mar '16
Courtesy: Tailored Brands
Courtesy: Tailored Brands
Tailored Brands, a specialty retailer's group for menswear with brands like Men's Wearhouse, Jos. A. Bank, K&G, Moores and MW Cleaners, will close approximately 250 stores in fiscal 2016 in order to rightsize its store base for improvement in the group's profitability, according to a press statement released by the group.

The group will close approximately 80 to 90 Jos. A. Bank stores, all the Jos. A. Bank and Men's Wearhouse factory outlets, and around 100 to 110 MW Tux stores.

Commenting on the results, Doug Ewert, CEO of Tailored Brands said, “While our fourth quarter and full year results were consistent with our revised guidance, we remain very disappointed by the weak Jos. A. Bank results.”

“Over the past several months, we completed a comprehensive operational review of the Tailored Brands business, and are in the process of taking actions we believe will rightsize our store base, optimise our cost structure, return Jos. A. Bank to profitability and improve other operating aspects of Tailored Brands,” he informed.

Net loss for the group was $1,026.7 million in fiscal 2015, ended on January 30, 2016, compared to $0.4 million in fiscal 2014. Diluted loss per share for FY15 was $21.26 as compared to $0.01 in FY14. This was despite an increase of 7.5 per cent or $243.7 million to $3,496.3 million in its net sales in FY 2015 as compared to $3,252.5 million last fiscal.

The group has embarked on an extensive profit improvement programme that will reduce its expenses by approximately $50 million in 2016, Doug added. (MCJ)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Fashion Revolution/Fashion Transparency Index

Apparel/Garments | On 23rd Apr 2018

Transparency helps in swiftly alerting brands

Disclosing key supplier, supply chain and operational information...

Japan’s clothing imports up 4% in fiscal 2017

Apparel/Garments | On 23rd Apr 2018

Japan’s clothing imports up 4% in fiscal 2017

Japan’s imports of clothing and accessories increased by 4 per cent...

Courtesy: Fashion Revolution/Fashion Transparency Index

Fashion | On 23rd Apr 2018

Top global fashion brands now more transparent

Fashion Revolution’s Fashion Transparency Index 2018 reveals Adidas...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search