Tailored Brands, owner of Men’s Wearhouse and Jos. A. Banks clothiers, is rebalancing its inventory from business attire to a new emphasis on casual chic as it works through Chapter 11 bankruptcy, filed on 2 August.
The company’s revenues fell 5.6 percent over the last two years as business dress codes loosened, a trend institutionalized as office workers retreated to their homes.
Sales were down 60 percent year-on-year for the quarter ending 2 May.
Tailored Brands is forecasting revenue of $1.4 billion this year and $2.4 billion in 2021, compared to $2.9 billion in 2019.
The company plans to cut $630 million in costs, which could result in closing as many as 500 of its 1,400 North American stores and trimming 20 percent of its corporate staff.
TREND FORECAST: With so many businesses in the hospitality sector closed and as people mask up, socially distance, and work at home, dressing up to go out and look good will not be in fashion for a sizable majority of young and old.
This trend will only reverse when art and beauty are recognized as being essential elements to find the true meaning of the human spirit.