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American retailer Tailored Brands announces $75 mn financing
09 Mar 21 2 min read
Tailored Brands, an omnichannel specialty retailer of menswear, including suits, formalwear and a selection of business casual offerings, has announced the closing of $75 million investment by a group of existing shareholders and lenders. The financing consists of $50 million of mandatorily convertible notes and $25 million in additional senior secured debt.
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This transaction will provide additional liquidity for the company as it continues to advance its strategic plans to ensure it is best positioned to meet the evolving needs of its customers following the Covid-19 pandemic and demonstrates the continued commitment of its investors to the long-term success of the company.
“We are seeing solid momentum across all of our brands and continue to advance key strategic priorities, including enhancing our omni-channel experience, launching our men’s wearhouse next-gen stores, and evolving our merchandise assortment via new and expanding partnerships with Michael Strahan, Vera Wang and Alternative Apparel,” Dinesh Lathi, president and chief executive officer of Tailored Brands.
“This additional financing further ensures we can continue to keep pace with our plans to come out of the pandemic stronger than ever and strategically positioned to help our customers look and feel their best in the moments that matter. We are grateful to our shareholders and lenders for their continued support and confidence as we continue to execute our strategic plan,” Lathi said.
Fibre2Fashion News Desk (JL)
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