Tailored Brands Closes $75 Million in New Investments as for Post-Pandemic Plans
Omni-channel specialty menswear retail giant Tailored Brands, Inc., announced its closure of $75 million in new financing as it positions its brands, Men's Wearhouse, Jos. A. Bank, Moores Clothing for Men and K&G Fashion Superstore, for post-pandemic business. Existing shareholders and lenders comprise the group of investors who contributed to financing $50 million of mandatorily convertible notes and $25 million in additional senior secured debt, providing liquidity for Tailored Brands during its recovery.
“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,” said Tailored Brands President and Chief Executive Officer Dinesh Lathi.
The Fremont, Calif., Tailored Brands has supported its stores over the past year by launching digital capabilities and options to make its products more accessible while focusing on customer and employee experiences. These offerings included buying online, in-store and curbside pickup, and contactless measurement. It also unveiled its Next-Gen Men's Warehouse store locations, starting with shops in Shenandoah, Texas, and Buford, Ga.
“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,” Lathi said. “We are grateful to our shareholders and lenders for their continued support and confidence as we continue to execute our strategic plan.”