Tailored Brands completes financial restructuring
In 2020, due to the disruption of the COVID-19 (coronavirus) outbreak on company operations, Tailored Brands announced that it would cut an estimated 20.0% of corporate jobs and nearly 500 retail stores to mitigate profit losses. In August 2020, the company declared Chapter 11 bankruptcy with plans to restructure and shortly after, the company was delisted from the New York Stock Exchange due to listing violations. In December 2020, the company emerged from Chapter 11 bankruptcy and completed the financial restructuring.
COVID|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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