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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

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