HOUSTON (WBAP/KLIF News) – More national retail chains are attempting to weather the storm as the COVID-19 pandemic continues to take a wrecking ball to the economy.
Tailored Brands, the Houston-based parent company of Men’s Warehouse and Jos. A. Bank as well as Lord & Taylor, America’s oldest retailer, and K&G have filed for bankruptcy protection Sunday, according to the Associated Press.
Tailored Brands filed for Chapter 11 bankruptcy court in a district court in Houston. The news comes after the company announced last month it would close 500 stores.
In a statement issued Sunday, the company said its restructuring plant has the support 75% of its lenders.
Tailored Brand’s plan will shed at least $630 million in debt in an attempt to stay afloat, according to the statement.
Retailers had already been stifled by the rise in online shopping.
The pandemic forced millions of Americans to work from home which dealt a major blow to the demand for office attire.
Last week, the Bureau of Economic Analysis announced the U.S. GDP shrank 32.9% due to the pandemic.
Copyright 2020. WBAP/KLIF News. All Rights Reserved. The Associated Press contributed.