US menswear retailer Tailored Brands, owner of the Men’s Wearhouse, Jos. A. Bank, Moores Clothing for Men and K&G brands, has announced the closing of a US$75m investment by a group of existing shareholders and lenders to bolster its strategic plans post Chapter 11.
The financing consists of $50m of mandatorily convertible notes and $25m in additional senior secured debt. The 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 its long-term success.
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“We are seeing solid momentum across all of our brands and continue to advance key strategic priorities, including enhancing our omnichannel 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,” said Tailored Brands president and CEO, Dinesh Lathi.
“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.”
The menswear retailer emerged from Chapter 11 protection in December having completed its financial restructuring after filing in August.
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By GlobalData
