US-based Tailored Brands, an omni-channel specialty retailer of menswear, recently announced a series of operating and organisational changes because of the unprecedented business disruptions resulting from the novel coronavirus pandemic. The changes will reduce nearly a fifth of its corporate positions by the end of this fiscal’s second quarter.
In addition, the company has identified up to 500 retail stores for potential closure as well as associated opportunities to reduce and realign its store organisation and supply chain infrastructure and organisation to best serve its go-forward store footprint and e-commerce business, it said in a press release.US-based Tailored Brands, an omni-channel specialty retailer of menswear, recently announced a series of operating and organisational changes because of the unprecedented business disruptions resulting from the novel coronavirus pandemic. The changes will reduce nearly a fifth of its corporate positions by the end of this fiscal's second quarter.#
These changes are designed to strengthen the company’s financial position and enable it to compete more effectively in the challenging retail environment.
“We are confident these are the right next steps to protect our business and position us to more effectively compete in today’s environment,” said Tailored Brands president and chief executive officer Dinesh Lathi.
Jack Calandra, executive vice president, chief financial officer and treasurer, will leave Tailored Brands on July 31. In the near term, Calandra’s responsibilities will be divided between Lathi and Holly Etlin, a managing director at AlixPartners, who has been appointed to the newly created role of chief restructuring officer, reporting directly to Lathi.
ALCHEMPro News Desk (DS)
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