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Bespoke Brands (TLRD) – Get Report on Wednesday announced the company has gone bankrupt following a financial reorganization at the menswear retailer.
The company said it had debts of 686 million. Having eliminated USD. The Fremont, California. The company said it had implemented the U-approved restructuring plan. S.. . Bankruptcy Court on Nov.. . 13, 2020.
Through the Chapter 11 process, Tailored Brands has « gained the financial and operational flexibility we need to support each of our brands in this rapidly evolving retail environment, continue to be strong for our customers and remain an attractive employer « President and Chief Executive Dinesh Lathi said in a statement.
Tailored Brands operates Men’s Wearhouse, Jos. ONE. Bank, Moores Clothing for Men and discount chain K&G Fashion Superstore.
The company’s capital structure consists of a credit facility of 430 million. USD 365 million exit term loan. USD and 75 million cash. USD from a new credit facility.
This exit funding is expected to support ongoing operations and enable the company to implement its strategic initiatives. «
The fashion retailer filed for bankruptcy in August this year when the coronavirus disrupted stores due to forced lockdowns.
In particular, the company announced in a filing with the Securities and Exchange Commission that it did not have sufficient cash or expected to pay its creditors under its asset-backed loan facility beginning in the fourth quarter of fiscal 2020 could.
Vidhi Choudhary recently graduated from Columbia University with a degree in business journalism. Vidhi reports on the latest business news for TheStreet.
Tailor-made brands, men’s clothing, JoS. ONE. Bank Clothiers, Finance, Restructuring
World News – USA – Custom brands exit bankruptcy after restructuring
Ref: https://www.thestreet.com
