The company that owns Men’s Wearhouse and Jos. A. Bank, which has locations in North Attleboro and Mansfield, has filed for bankruptcy.
Tailored Brands, which specializes in men’s suits, filed for Chapter 11 protection Sunday in the Southern District of Texas, the Associated Press reported.
Men’s Wearhouse and Jos. A. Bank stores, along with K&G Fashion Superstore and Moores Clothing for Men, all owned by Tailored, will continue to operate during restructuring. The company expects to reduce its funded debt by at least $630 million.
There is a Men’s Wearhouse at Emerald Square in North Attleboro, as well outlets as in Franklin and Warwick. There is a Jos. A. Bank store at Mansfield Crossing in Mansfield along with outlets in Bellingham and Providence. Altogether, there are 24 Men’s Wearhouse locations in Massachusetts and five in New Hampshire. Jos. A. Bank has 17 Massachusetts stores and four in New Hampshire.
The company announced in late July that it would be closing some stores and laying off staff. It did not announce which locations would be shutting down.
Tailored Brands said 20 percent of its employees will be let go by the end of the year. The company also said up to 500 retail stores would face “potential closure,” while it focuses on its e-commerce business.
“Unfortunately, due to the COVID-19 pandemic and its significant impact on our business, further actions are needed to help us strengthen our financial position so we can navigate our current realities,” Tailored Brands President and CEO Dinesh Lathi said.
The pandemic was the last straw for many brick-and-mortar retailers, including 200-year-old Brooks Brothers, which has a store at Wrentham Village Premium Outlets. The iconic clothier sought bankruptcy protection last month.
J.C. Penney, an anchor store for the North Attleboro mall, and Pier 1 Imports, which had locations in North Attleboro and Seekonk, also filed for bankruptcy this year.
Upscale department-store chain Lord & Taylor and its owner, clothing rental startup Le Tote Inc., also filed for Chapter 11 bankruptcy protection Sunday in U.S. Bankruptcy Court in Richmond, Va., less than a year after Le Tote bought the chain from Hudson’s Bay Co. in a $100 million deal.
Lord & Taylor has 38 locations in the U.S., according to the filing, and about 650 employees. There are Lord & Taylor stores in Natick and Boston. The store in Providence Place Mall closed in 2004.